China has reportedly rolled over a $2 billion loan to Pakistan, media reports in Pakistan said.
Beijing had communicated the decision to Islamabad, Geo News reported.
The $2 billion loan was due in March and has been extended for one year.
The rollover move is also confirmed by Pakistan’s caretaker finance minister Shamshad Akhtar in a response to Reuters.
Pakistan’s cash-strapped economy is struggling to stabilise from a financial crisis and secured a $3 billion standby arrangement from the International Monetary Fund last summer.
Pakistan’s vulnerable external position means that securing financing from multilateral and bilateral partners will be one of the most urgent issues facing the next government, ratings agency Fitch said last week.
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