May 26, 2023
1 min read

China to help crisis-hit Pakistan

Islamabad is still contemplating ways to meet other repayment deadlines as the country has about $3.7 billion in overseas debt due this month…reports Asian Lite News

As Pakistan struggles to secure the critical pending loan from the International Monetary Fund (IMF), the cash-strapped nation looks towards China to rollover more than $2 billion in debt due next month, media reports said on Thursday.

Islamabad is still contemplating ways to meet other repayment deadlines as the country has about $3.7 billion in overseas debt due this month and in June against its current foreign exchange reserves of just $4.3 billion, The News reported.

Beijing had committed to help the country meet two crucial debt repayments in June worth $2.3 billion by providing fresh funds immediately after Pakistan makes the payments, Financial Times reported.

“The refinancing of the commercial loans worth $1.3 billion and a Chinese government loan of $1 billion would help Pakistan avert immediate default,” the officials said.

China had, earlier this year, already rolled over some loans to Pakistan and Chinese Foreign Minister Qin Gang also reiterated Beijing’s financial support for the country on a visit to Pakistan earlier this month. The Chinese government did not respond to a request for comment on the latest developments.

Warning of a possible risk of default, analysts said that they expected the relief from China � one of Pakistan’s closest allies � to come through.

“There’s no way that the Chinese…will walk back from Pakistan at this time,” said Uzair Younus, director of the Pakistan Initiative at the Atlantic Council, a Washington-based think-tank, referring to the June debt deadlines.

ALSO READ: Lanka rules out any security arrangements with China

Previous Story

Lanka rules out any security arrangements with China

Next Story

‘I am not Bumrah’s replacement’

Latest from -Top News

Ghana Welcomes PM Modi

Hundreds of people, including locals, started chanting “Modi-Modi”, “Bharat Mata Ki Jai” and “Vande Mataram” as soon as PM Modi arrived at the hotel….reports Asian Lite News Prime Minister Narendra Modi received

Tibetans Slam China’s ‘Reincarnation Politics’

Sikyong said the Chinese government is systematically working to erase Tibetan identity by targeting its language and religion, core pillars of its cultural heritage….reports Asian Lite News With the Dalai Lama entrusting

USAID Officially Shuts Down

USAID will be merged into the US State Department from Tuesday….reports Asian Lite News The United States Agency for International Development (USAID) was officially shut down on Tuesday, drawing criticism from former
Go toTop

Don't Miss

PTI’s Political Future at Stake

With PTI and its leader Imran Khan out of the

Shehbaz promises SEZ for Balochistan, KP

Referring to Chinese investors, Sharif said that Pakistan can send