ISLAMABAD: China has rolled over a $2.4 billion loan to its all-weather ally Pakistan for two years to help the cash-strapped country shore up its foreign exchange reserves, finance minister Ishaq Dar said on Thursday. Dar said in a Twitter post that Pakistan was supposed to pay the loan in the next two fiscal years.
The development comes a little over a week after PM Shehbaz Sharif announced that China had rolled over a $600 million loan to Pakistan to help its ailing economy. This was in addition to over $5 billion in loans that China had rolled over for Pakistan in the last three months to help avert a default as negotiations to secure the IMF bailout dragged on.