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Pakistan negotiating rollover of $6 billion Chinese loans

ISLAMABAD: Pakistan is negotiating rescheduling of about $6 billion worth Chinese loans, which are maturing in next eight months of the ongoing fiscal year.

The move is part of the government’s strategy to arrange $34 billion in 2022-23 to meet its debt and balance of payment obligations.

According to officials of Economic Affairs Division, the rollover of $6 billion Chinese loans was discussed in a recent meeting between Finance Minister Ishaq Dar and Chinese Ambassador to Pakistan Nong Rong.

Meanwhile, Prime Minister Shehbaz is scheduled to visit Beijing on Nov 1 and the rescheduling of loans and financing of some development projects will be discussed at high level meetings in China.

The IMF and the Ministry of Finance have estimated up to $34 billion external financing requirements of Pakistan in 2022-23.

In September, Pakistan had already got $2.2 billion loans from China while Saudi Arabia also rolled over $3 billion debt, maturing in December 2022.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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