China rolls over $2 billion loan to Pakistan

KARACHI (Reuters) - China rolled over a $2 billion loan to Pakistan, the adviser to the finance minister of Pakistan, Khurram Schehzad, told Reuters in a text message on Saturday.

Pakistan is working to strengthen its finances after securing a $7 billion International Monetary Fund bailout in September 2024. The first installment of the loan is currently under review, and if successful, Pakistan will receive an additional $1 billion.

Securing external financing has previously been a key condition for the IMF to approve bail-out deals for the cash-strapped nation.

The South Asian nation needs to repay over $22 billion in external debt in fiscal year 2025, including nearly $13 billion in bilateral deposits, Fitch said.

(Reporting by Ariba Shahid in Karachi; Editing by Emelia Sithole-Matarise)

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