SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 26 May, 2023  

Pakistan.9.Thmb.jpg China to help Pakistan meet debt repayments worth $2.3 billion

Pakistan.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
IANS | 25 May, 2023
As Pakistan struggles to secure the critical pending loan from the International Monetary Fund (IMF), the cash-strapped nation looks towards China to rollover more than $2 billion in debt due next month, media reports said on Thursday.

Islamabad is still contemplating ways to meet other repayment deadlines as the country has about $3.7 billion in overseas debt due this month and in June against its current foreign exchange reserves of just $4.3 billion, The News reported.

Beijing had committed to help the country meet two crucial debt repayments in June worth $2.3 billion by providing fresh funds immediately after Pakistan makes the payments, Financial Times reported.

"The refinancing of the commercial loans worth $1.3 billion and a Chinese government loan of $1 billion would help Pakistan avert immediate default," the officials said.

China had, earlier this year, already rolled over some loans to Pakistan and Chinese Foreign Minister Qin Gang also reiterated Beijing's financial support for the country on a visit to Pakistan earlier this month. The Chinese government did not respond to a request for comment on the latest developments.

Warning of a possible risk of default, analysts said that they expected the relief from China � one of Pakistan's closest allies � to come through.

"There's no way that the Chinese...will walk back from Pakistan at this time," said Uzair Younus, director of the Pakistan Initiative at the Atlantic Council, a Washington-based think-tank, referring to the June debt deadlines.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter