Posted 1/27/2024, 1:34:42 PM
Pakistan Seeks Billions in Loans from China and Allies to Ease Economic Crisis
- Pakistan has sought a $2 billion loan from China to help with its cash crisis, requesting that China roll over an existing $2 billion loan that is due on March 23
- Pakistan has already secured $4 billion in loans from China in recent time to help stabilize reserves and ease external debt pressures
- The UAE recently rolled over a $2 billion loan to Pakistan as well
- Saudi Arabia has deposited $5 billion with Pakistan's central bank for support
- Pakistan is also hoping to secure the last $1.2 billion loan tranche from the IMF, but would need to begin negotiations on a new long-term program