China rolls over $2 billion loan to Pakistan

ISLAMABAD: China has rolled over its safe deposit of $2 billion with Pakistan on the existing terms as Islamabad’s foreign exchange reserves escaped further decline, ARY News reported, citing sources.

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

For the revival of the stalled loan programme with the IMF, Pakistan had to confirm external financing with the fund.

Beijing has rolled over the safe deposit with Pakistan for a year.

Last week, sources within the finance ministry said Pakistan was seeking to get $2 billion each from China and Saudi Arabia, while meetings were underway to get $1 billion from the United Arab Emirates.

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

Speaking at the Senate Committee of the Whole, the minister said once the staff agreement is signed, it will be put on the website of the Finance Ministry and nothing will be concealed.