Pak in communication with China for roll-over/refinancing of ongoing facilities upon maturity

ISLAMABAD - Pakistan has been in communication with the Chinese authorities for the roll-over/refinancing of all ongoing facilities upon their maturity. Two facilities of worth USD 4.3 bn matured in the month of March. According to the ministry of finance, government of Pakistan and People’s Republic of China have strong economic ties spanning over the last many decades. The ongoing financing facilities include SAFE deposits, bilateral as well as commercial loans. To buttress the efforts of economic stabilization Government of Pakistan has been in communication with the Chinese authorities for the roll-over/refinancing of all ongoing facilities upon their maturity. Two facilities of worth USD 4.3 bn matured in the month of March, of which SAFE deposits worth USD 2 billion have been rolled over and the roll-over of the syndicate facility of RMB 15,000 million (i.e., approximately USD 2.3 bn) is being processed. These facilities are being used for balance of payments and budgetary support.