China’s Exim Bank has extended a $600 million loan to Pakistan, according to Prime Minister Shehbaz Sharif. This is in addition to the $5 billion in loans that China has already rolled over for Pakistan in the last three months. Pakistani authorities have been relying on external debt and loan rollovers to address their declining foreign exchange reserves. Recently, Pakistan also entered a nine-month Stand-By Arrangement with the International Monetary Fund (IMF) after the expiration of their previous bailout program.
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