ISLAMABAD: Finance Minister Ishaq Dar has said that China has rolled over the principal amount of 2.4 billion dollars loan for two years.
In a tweet on Thursday, he said that Pakistan will make interest payments of the said loan only in next two years.
The development comes a little over a week after Prime Minister Shehbaz Sharif announced that China had rolled over a $600 million loan to Pakistan, helping shore up the country’s foreign exchange reserves.
This was in addition to over $5bn in loans that longtime ally China had rolled over for Pakistan in the last three months, according to the premier, helping Pakistan avert a default as negotiations to secure the IMF bailout dragged on.
Pakistan secured a last-gasp $3bn IMF bailout on June 30, which later disbursed an initial upfront instalment of about $1.2bn. This was followed by a further $2bn of financial support from Saudi Arabia and $1bn from the UAE.
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