China defers $2.1b debt payment to Pakistan for two years

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China defers $2.1b debt payment to Pakistan for two years
China has approved the deferment of a loan of $2.1 billion to Pakistan for two years.

China Exim Bank has approved extending Pakistan’s $2.1 billion loan for a time span of two years, according to the sources from Ministry of Finance.

The respective bank issued an official letter to the Pakistani authorities highlighting the extension of the aforementioned loan from July 21, 2023, to June 30, 2025, sources added.

Moreover, the bank further informed that Pakistan would not have to bare any additional markup on this extension.

It is worth noting that Exim Bank rolled over Pakistan’s $600 million loan on July 18 which helped increase the country’s Foreign Exchange Reserves.

Earlier, Prime Minister Shehbaz Sharif said that China has rolled over a $600 million loan to Pakistan, helping shore up the country’s foreign exchange reserves.

“Exim Bank of China rolled over $600 million to Pakistan, which increased our foreign currency reserves,” the premier said, adding that the assistance from friendly countries is improving economic indicators.

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