Dar did not give the new maturity date or other terms of the arrangement.Ī top finance ministry official told Reuters on Wednesday that a formal confirmation of the refinancing would be made after the process was completed. Neither the government in Beijing nor the Chinese central bank responded to requests for comment on the rollover.ĭar’s comments were the first official announcement of the rollover after the loan matured. He said all concerned documentation had been completed.
“I am happy to confirm that this had been rolled over on March 23,” Dar told the Senate, referring to the maturity date. Locking in a rollover had been critical for Pakistan, where reserves have dipped to just four weeks’ worth of imports and talks over an IMF bailout tranche of $1.1 billion have hit a stalemate.
Finance minister Ishaq Dar said on Friday that China had rolled over a $2 billion loan that matured last week, providing relief during the nation’s acute balance of payment crisis.
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