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China agrees to give Pakistan more time for debt repayments

(Photo online)

ISLAMABAD: China has agreed to give Pakistan more time to repay the debt.

According to Finance Ministry sources, Pakistan has completed all payment arrangements till June due to which the country is not at risk of default.

Sources in the Ministry of Finance say that Pakistan has to repay the debt of about $3.7 billion this month and in June.

Sources say China has assured Pakistan of helping the country meet two major loan repayments in June by providing fresh funds immediately after the payments.

Read more: Pakistan gets $19.91 million debt relief from South Korea

Sources further said that the refinancing of Pakistan’s commercial loans of $1.3 billion and the rollover of Chinese government debt of $1 billion has been assured by China.

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