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China rolls over $2bn loan to Pakistan, says caretaker finance minister

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China has rolled over a $2-billion loan to Pakistan, caretaker finance minister Shamshad Akhtar confirmed.

The $2-billion loan was due in March and has been extended for one year, Geo News, which first reported the news, cited sources in the Pakistan finance ministry.

Beijing had communicated the decision to Islamabad, it added.

Pakistan’s cash-strapped economy is struggling to stabilize from a financial crisis and secured a $3-billion Stand-By Arrangement (SBA) from the International Monetary Fund (IMF) last summer.

Pakistan’s vulnerable external position means 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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