Ishaq Dar denies reports of China working on loan rollover, confirms $2bn loan successfully rolled over on March 23

By MG News | March 31, 2023 at 12:54 PM GMT+05:00

0:00

March 31, 2023 (MLN): Rebutting the news flows that China is working on a request from Pakistan for a rollover on a $2 billion loan that matured on March 23, 2023, the Federal Minister for Finance and Revenue, Senator Ishaq Dar said that the same has been rollover on March 23, 2023.

Even the documentation for 2023 and 2024 has been completed, he said while giving clarification during the Senate meeting.

The Minister further clarified that these loans have been rolling over and are no longer in the pipeline.

He also explained to the house, "The SAFE deposit is the sovereign business between the Chinese Central Bank and the State Bank of Pakistan (SBP). The second business of SBP is with other Chinese commercial banks, including ICBC, Bank of China, and China Development Bank."

The completion of documentation for 2023 and 2024 also indicated that Pakistan has a continued working relationship with its Chinese creditors, which should reassure investors and other stakeholders.

The clarification will help to avoid any unnecessary speculation and contribute to a more stable economic environment for Pakistan.

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