China rolls over $2 billion loan to Pakistan for one year

ISLAMABAD: China has granted Pakistan a one-year extension on the repayment of a $2 billion loan, which was originally due on March 24. 

According to the Ministry of Finance, the repayment deadline for this loan was set to expire later this month, but China has now extended the duration, providing Pakistani with much-needed relief. 

The move reflects Beijing’s continued financial support for Pakistan’s economic stability and recovery, the ministry said, adding that the extension will also help strengthen the country’s foreign exchange reserves.

Earlier on Friday, Prime Minister Muhammad Shehbaz Sharif extended his warm congratulations to Chinese President Xi Jinping, Premier Li QIang and the Chinese people on the successful convening of the ‘Two Sessions’ in Beijing.

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“China is making remarkable progress in achieving its national development goals. We are particularly impressed by China’s modernization under President Xi’s visionary leadership,” the prime minister said in his social media post on X.

He emphasized that as “iron brothers” and all weather strategic cooperative partners, Pakistan and China will continue to work together closely to further strengthen bilateral cooperation to realize the shared objectives of peace and development.

Later in the day, PM Shehbaz held a meeting with Chinese Ambassador Jiang Zaidong, during which progress on security and counter-terrorism cooperation between both countries was also discussed.

The prime minister noted with great pleasure that this year marked the tenth anniversary of President Xi Jinping’s historic visit to Pakistan in 2015. In this regard, he issued directions to ensure that this memorable occasion be celebrated in a befitting manner.

The PM also renewed his most cordial invitation to President Xi Jinping to undertake a State visit to Pakistan, at his earliest convenience.

During the meeting, the Prime Minister emphasized upon the need for both sides to continue working together closely, to ensure timely implementation and completion of various initiatives and projects under CPEC.

Additional input from APP