Pakistan ‘seeks’ rollover of $2bln loan from China

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ISLAMABAD (ANN): Pakistan has ‘sought’ rollover of $2 billion loan from China, as the term for safe deposit is expiring on March 23.

Caretaker Prime Minister Anwaar-ul-Haq Kakar in a letter penned to his Chinese counterpart, requested a rollover of a $2bln loan for a year.

PM Kakar in a letter sent to his Chinese counterpart Li Qiang requested the ‘Iron Brother’ to defer the loan for 12 more months.

Sources said the Finance Ministry officials are in contact with their Chinese counterpart and there are strong indications that the $2 billion loan will be rolled over for another year very soon.

The term of the China’s $2 billion deposit with State Bank of Pakistan will expire on 23 March, 2024.

Kakar’s letter also appreciated the steps of the Chinese government in helping Pakistan ease the burden of foreign payments.

It is to be noted that Pakistan acquired safe deposits of $4 billion from China to address the balance of payments issue.

However, Beijing has parked $4 billion deposit with Pakistan, said the sources.

Earlier in the month, PM Kakar had also written a letter to UAE President Mohamed bin Zayed Al Nahyan for the rollover of a $2 billion loan.

On January 17, the United Arab Emirates (UAE) rolled over $2 billion for one year to Pakistan.

The development came after Islamabad ‘requested’ the United Arab Emirates (UAE) for the rollover of $2 billion loan, which was getting mature in the current month of January.

Caretaker Prime Minister Anwaar-ul-Haq Kakar penned a letter to the UAE President Sheikh Mohammed bin Zayed al-Nahyan, seeking rollover of the loan.

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