China rolls over USD 2.4 billion loan to its key ally Pakistan

ISLAMABAD- China has rolled over a USD 2.4 billion loan to its all-weather ally Pakistan for two years to help the cash-strapped country shore up its foreign exchange reserves, Finance Minister Ishaq Dar said on Thursday.

Dar said in a Twitter post that Pakistan was supposed to pay the loan in the next two fiscal years.

“Chinese EXIM Bank has rolled over for 2 years principal amounts of following loans totalling US$ 2.4 billion which are due in next 2 fiscal years: FY2023-24: US$1.2 billion FY2024-25: US$ 1.2 billion,” he said.

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