Pakistan’s finance minister says China rolls over $2.4 billion loan for Islamabad for 2 years

Published July 27, 2023 12:49 AM

By MUNIR AHMED
Associated Press

ISLAMABAD (AP) — Pakistan’s finance minister says Beijing has rolled over a $2.4 billion loan for his country for two years, a move aimed at helping Pakistan overcome a lingering economic crisis. China is a longtime friend of Islamabad and it has played a key role in helping Pakistan avoid a default. In a post on the X platform, formerly known as Twitter, Ishaq Dar said Thursday that the Chinese EXIM Bank rolled over for two years the principal amount of the $2.4 billion loan. The latest development comes two weeks after the International Monetary Fund deposited a much-awaited first installment of $1.2 billion in Pakistan’s central bank under a bailout.

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