Pakistan’s Finance Minister Isaac Dar revealed on Thursday that China had agreed to extend the maturity of a $2.4 billion loan to Pakistan for two years in a move aimed at helping it overcome the economic crisis.
Dar said China’s Eczem Bank was due to repay the core amounts of the $2.4 billion loan for two years, which was due to be repaid in 2024 and 2025, adding that Pakistan would now pay interest on the loan in both years.
This comes two weeks after the IMF deposited a $1.2 billion down payment in Pakistan’s central bank under a bailout to help Pakistan avoid default.
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