Islamabad (Web Desk): Chinese EXIM Bank has rolled over $2.4 billion to Pakistan.
Finance Minister Ishaq Dar tweeted that the bank has rolled over the amount for two years, which are due in the next two fiscal years — $1.2 billion in FY24 and the same amount in FY25.
"Pakistan will make interest payments only in both years," the finance minister, whose government's tenure will end in August, said.
Chinese EXIM Bank has rolled over for 2 years principal amounts of following loans totalling US$ 2.4 billion which are due in next 2 fiscal years:
— Ishaq Dar (@MIshaqDar50) July 27, 2023
FY2023-24: US$1.2 billion
FY2024-25: US$ 1.2 billion
Pakistan will make interest payments only in both years.
Earlier this month, the IMF's board had approved a $3 billion Standby Arrangement for Pakistan on June 30, with $1.2 billion being released initially and the rest to be provided after two reviews.
Pakistan's foreign exchange reserves held by the central bank rose to the highest level in nine months at $8.7 billion as of July 14.
