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China to help Pakistan meet debt repayments worth $2.3 billion
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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.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹96.5
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₹94.8 |
UK Pound
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Euro
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₹113.6
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₹109.8 |
| Japanese
Yen |
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₹59.45 |
| As on 03 Sep, 2026 |
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