Pakistan 'seeks' rollover of $2bln loan from China

ISLAMABAD: Pakistan has ‘sought’ rollover of $2 billion loan from China, as the term for safe deposit is expiring on March 23, ARY News reported on Friday, citing sources.

Caretaker Prime Minister Anwaar-ul-Haq Kakar in a letter penned to his Chinese counterpart, requested a rollover of a $2bln loan for a year.

Pakistan has formally requested China to rollover its loan, which is expiring on March 23, on the same terms and conditions, the sources said.

They further said Pakistan’s finance ministry is in contact with the Chinese officials for timely loan rollover. Islamabad is confident of getting the rollover facility from China.

Kakar’s letter also appreciated the steps of the Chinese government in helping Pakistan ease the burden of foreign payments.

It is to be noted that Pakistan acquired safe deposits of $4 billion from China to address the balance of payments issue.

On January 17, the United Arab Emirates (UAE) rolled over $2 billion for one year to Pakistan.

The development came after Islamabad ‘requested’ the United Arab Emirates (UAE) for the rollover of $2 billion loan, which was getting mature in the current month of January.

Caretaker Prime Minister Anwaar-ul-Haq Kakar penned a letter to the UAE President Sheikh Mohammed bin Zayed al-Nahyan, seeking rollover of the loan.