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China finances $2 billion loan to Pakistan

ISLAMABAD: China has rolled over its $2 billion safe deposit with Pakistan on the same terms as before, saving Islamabad’s foreign exchange reserves from further decline.

China has rolled over $2 billion to secure a staff-level agreement with the International Monetary Fund (IMF), according to finance ministry sources.

Pakistan needed to confirm external financing with the IMF in order to restart the stalled loan program.

Beijing has extended the safe deposit with Pakistan for another year.

According to sources in the finance ministry, Pakistan is seeking $2 billion from China and Saudi Arabia, with talks underway for $1 billion from the United Arab Emirates.

Finance Minister Ishaq Dar previously stated that the details of the staff-level agreement with the International Monetary Fund (IMF) would be made public.

Speaking before the Senate Committee of the Whole, the minister stated that once the staff agreement is signed, it will be posted on the Finance Ministry’s website and nothing will be hidden.

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