Pakistan’s Finance Minister, Ishaq Dar, has confirmed that China has rolled over $2bn of Pakistan’s loans, negating previous reports that talks were still ongoing. China has been Pakistan’s largest friend in the region, supporting loans and trade routes, and the roll-over was seen as crucial for Pakistan, as its foreign exchanges had dipped to four weeks worth of imports. Pakistan has now completed the documentation for the loan which will mature in 2023-2024. Meanwhile, technical-level talks with the IMF are over; Pakistan has yet to secure any bailout funds from the IMF. China Development Bank refinanced a $700m loan in February and $500m was received from the ICBC this month, the second disbursement of this amount from the institution.
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