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China rolls over $3.4 billion in loans to Pakistan, helping boost reserves
China rolled over $2.1 billion, which has been in Pakistan's central bank's reserves for the last three years, and refinanced another $1.3 billion commercial loan, which Islamabad had paid back two months ago, according to reports. read more
China has renewed $3.4 billion in loans to Pakistan, which along with other recent financial inflows is expected to raise the country's foreign exchange reserves to $14 billion, a finance ministry official told Reuters on Sunday.
Of the total, $2.1 billion that had been held in Pakistan's central bank reserves for the past three years has been rolled over, while another $1.3 billion commercial loan, repaid by Islamabad two months ago has been refinanced by Beijing, the official said.
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In addition to the Chinese loans, Pakistan has also received $1 billion from commercial banks in the Middle East and $500 million from multilateral lenders, the official added.
'These inflows bring our reserves in line with the IMF target,' the source said.
The Chinese funds, in particular, are vital for supporting Pakistan's foreign reserves, which the International Monetary Fund has set to exceed $14 billion by the end of the fiscal year on June 30.
According to Pakistani officials, the economy has begun to stabilise under ongoing reforms tied to a $7 billion IMF bailout package.
With inputs from agencies
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