Business
China approves $2.1 bln loan deferral for Pakistan
China has extended the repayment period for 2 years from July 2023 to June 2025.
China has granted approval for deferring Pakistan's 2.1 billion dollar loan, extending the repayment period for two years.
The Pakistani authorities were formally informed by China's Exim Bank through an official letter about the loan deferment.
According to the Ministry of Finance sources, Pakistan will not be required to pay any additional interest on the loan, as the repayment period of the loan agreements has been extended from July 21, 2023, to June 30, 2025.
It is worth noting that in June, China provided Pakistan with one billion dollars to help the country cope with its economic crisis.