Islamabad: Pakistan requested China to reschedule another loan of 3.4 billion dollars for two years. Earlier, Pakistan has also requested rescheduling of energy loan of 16 billion dollars from China.
Sources told The Express Tribune that the said loan is maturing during the IMF program, the rescheduling of this loan of $3.4 billion is very important for Pakistan to meet the external financing deficit of five billion dollars. The deficit was identified at the signing of the package in September.
Sources said that Pakistan is seeking a two-year extension in the repayment of the government-guaranteed loan from China’s Exim Bank, which was extended by the state-owned enterprises for the past one and a half years. I have made another request. When contacted, Finance Ministry spokesperson Qamar Abbasi did not respond to the question whether China has agreed to the rescheduling of the loan or not. However, the authorities are hoping for one-time assistance from China, which has always quietly helped.
Sources said that the Chinese Exim Bank loan is due to mature between October 2024 and September 2027, of which $75 million is maturing in the current financial year. Know that the seven billion dollar program is fully funded and Pakistan’s debt is sustainable.
Sources said that the IMF team will arrive in Islamabad on Monday and will discuss the performance and progress of the program so far during the five-day stay. He said that according to the schedule of the IMF board, the first review of the seven billion dollar program was to be held in March 2025. The premature arrival of the IMF team confirms the fears that the parties to the seven billion dollar deal There were flaws in the conversation.
