China's Exim Bank rolls over $2.4b Pakistan loan

ISLAMABAD – In a boost to Pakistan’s foreign exchange reserves, the Exim Bank of China has rolled over $2.4 billion to Pakistan, a positive sign for the cash-strapped economy as it seeks to boost its forex reserves to ensure timely debt payments.

Finance Minister Ishaq Dar, in a tweet, said the bank has rolled over the amount for two years, which are due in the next two fiscal years — $1.2 billion in FY2023-24 and the same amount in FY2024-25.

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:

FY2023-24: US$1.2 billion
FY2024-25: US$ 1.2 billion

Pakistan will make interest payments only in both years.

— Ishaq Dar (@MIshaqDar50) July 27, 2023