China extends $2 billion loan to Pakistan

ISLAMABAD: China has extended a $2 billion loan that was scheduled to mature on March 23. This helps Pakistan, which is experiencing a balance of payments issue. Pakistan had asked China last week to extend a $2 billion loan for a full year. Anwaarul Haq Kakar, the acting prime minister, had written Premier Li Keqiang of China a letter asking for the rollover of a $2 billion loan.
Read  more: Pakistan requests China to extend $2 billion loan
Pakistan had asked the neighboring nation to postpone a debt repayment from China for a year in the letter. The $2 billion deposits have a maturity date of March 23, 2024. Pakistani authorities have also held talks with their Chinese counterparts as the deadlines draw near.
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According to reports, the prime minister thanked China in the letter for its financial assistance and for helping Pakistan lessen the weight of its external debt on the Pakistani government. The United Arab Emirates (UAE) transferred a $2 billion loan to Pakistan earlier this year.

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