China extends helping hand, rolls over $2bn loan to Pakistan

News Image

MG News | February 28, 2024 at 08:17 PM GMT+05:00

0:00

February 28, 2024 (MLN): China, portraying a true friendship gesture in a time of need, has agreed to roll over a $2 billion loan, which was set to mature in March.

This development came as a welcome relief for Pakistan, whose reserves had dipped to $8.01 billion as reported last week.

It is worth mentioning that the loan, originally secured at a 7.1% interest rate, would have added further strain to Pakistan's fiscal position if matured as scheduled.

Thus, the decision to extend the loan provides a crucial lifeline for Pakistan's economic stability.

This development follows Pakistan's expectation of significant funds inflows amounting to $14 billion in the fiscal year 2024, as reported in September 2023, according to Bloomberg.

This relief of rollover of the loan from China not only alleviates immediate pressure on the country's reserves but also brings it into line with its broader strategy to improve financial resilience while maintaining a steady influx of capital.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 157,953.47
555.47M
1.14%
1775.65
ALLSHR 96,741.22
1,957.60M
1.16%
1110.83
KSE30 48,198.94
249.79M
1.09%
520.47
KMI30 232,694.17
290.89M
1.31%
3011.94
KMIALLSHR 65,027.13
1,019.78M
1.03%
660.37
BKTi 42,489.56
84.10M
1.35%
566.75
OGTi 31,779.36
15.21M
0.14%
43.57
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,055.00 118,295.00
116,115.00
2230.00
1.93%
BRENT CRUDE 67.39 68.42
67.19
-0.56
-0.82%
RICHARDS BAY COAL MONTHLY 84.00 0.00
0.00
-0.40
-0.47%
ROTTERDAM COAL MONTHLY 94.00 94.50
94.00
0.45
0.48%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 63.23 64.20
63.03
-0.47
-0.74%
SUGAR #11 WORLD 16.13 16.27
15.89
-0.14
-0.86%

Chart of the Day


Latest News
September 18, 2025 at 07:00 PM GMT+05:00

Pakistan's Forex Reserves Increase by USD 54.80 Million


September 18, 2025 at 05:59 PM GMT+05:00

Textile exports drop to $1.4bn in August


September 18, 2025 at 05:45 PM GMT+05:00

U. S. A. leads as top export destination for Pakistan in August


September 18, 2025 at 05:40 PM GMT+05:00

Pakistan's Power sector attracts net FDI of 86.5m in August



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg