Daily Times

After requesting the United Arab Emirates (UAE) to roll over $2 billion in loans for Pakistan, Caretaker Prime Minister Anwaar-ul-Haq Kakar has also written a similar letter to his Chinese counterpart Li Qiang. In his letter to China’s premier, the prime minister has requested that Beijing roll over Pakistan’s $2 billion loan for a year, sources told the media on Friday. The Chinese government, according to the sources, is expected to roll over the aforementioned loan amount for a year soon. The deposit time for the loan is slated to complete on March 23, 2024. The sources added that the officials from Pakistan’s finance ministry and authorities in China are in contact about the matter. PM Kakar, in his letter to the Chinese premier, thanked his government for financial support, the finance ministry sources said. The sources, citing the letter, stated: “China gave a loan to the government of Pakistan in a difficult economic situation.” A total of $4 billion worth of funds in loans, as per the sources, has been kept as a safe deposit, which has reduced Pakistan’s external payments burden. Last year in May, Beijing came to Pakistan’s rescue during its struggle to secure the critical pending loan from the International Monetary Fund (IMF), as the Chinese government rolled over more than $2 billion in debt. The friendly neighbour had committed to help Islamabad meet two crucial debt repayments in June worth $2.3 billion by providing fresh funds immediately after Pakistan was to make the payments.