China Extends $2 Billion Loan to Pakistan, According to Geo News
Published on: February 28, 2024.
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China has extended a $2 billion loan to Pakistan, according to a report by Geo News. This loan comes at a crucial time for Pakistan’s struggling economy, which has been grappling with a financial crisis. Last summer, Pakistan secured a $3 billion standby arrangement from the International Monetary Fund to help stabilize its economy.
The original $2 billion loan was set to be due in March, but it has now been extended for an additional year. Geo News, citing sources in the Pakistan finance ministry, reported that Beijing has communicated this decision to Islamabad.
While officials at the finance ministry have not yet responded to requests for comment from Reuters, this loan extension will likely provide much-needed relief for Pakistan’s economy.
Source: [Geo News](https://www.zawya.com)
