China extends loan of $2.1bn to Pakistan

MG News | July 26, 2023 at 11:40 AM GMT+05:00

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July 26, 2023 (MLN): China Exim Bank has approved extending Pakistan’s $2.1 billion loan for a time span of two years, according to the sources from Ministry of Finance.

The respective bank issued an official letter to the Pakistan authorities highlighting the extension of the aforementioned loan from July 21, 2023, to June 30, 2025, sources added.

Moreover, the bank further informed that Pakistan would not have to bare any additional markup on this extension.

It is worth noting that Exim Bank rolled over Pakistan’s $600 million loan on July 18 which helped increase the country’s Foreign Exchange Reserves.

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