Pakistan on Saturday asked China to roll over its $6.3 billion debts that are set to be matured after eight months as Finance Minister Ishaq Dar is exploring options to manage external financing requirements of $34 billion.
The flood-hit South Asia country has already secured one-year extension in a $3 billion deposit, which has been parked in the State Bank of Pakistan (SBP) by Saudi Arabia. It is now making efforts to get rollover from China to arrange the remaining $29 billion.
Reports said that the Pakistani finance minister had discussed the issue of rollover and refinancing of nearly $6.3 billion commercial loans and the central bank debt in a meeting with Chinese Ambassador Nong Rong.
“The $3.3 billion Chinese commercial loans and the $3 billion worth SAFE deposits loans were maturing from now till June next year,”.
“The SAFE deposit is on the balance sheet of the central bank. In addition to this, over $900 million bilateral Chinese debt was becoming due during the current fiscal year.”The development comes as Prime Minister Shehbaz Sharif is scheduled to visit China next month.
