Pakistan expects $2bn debt roll over
MG News | May 25, 2023 at 11:08 PM GMT+05:00
May 25, 2023 (MLN): Pakistan is expecting China's assistance in rolling over more than $2 billion in debt due next month as the country remains on guard against other looming repayment deadlines.
With Pakistan's critical International Monetary Fund (IMF) lending program at a halt, the nation is facing around $3.7 billion in debt obligations scheduled for payment in May and June.
Two senior Pakistani officials said Beijing had committed to help the country meet two crucial debt repayments in June worth a total of $2.3bn by providing fresh funds immediately after Pakistan makes the payments, as Financial Times reported.
The refinancing of the commercial loans worth $1.3bn and a Chinese government loan of $1bn would help Pakistan avert immediate default, the Pakistani official said.
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