China has extended the period of repayment of Pakistan's 2 billion US dollars loan for one year. This has reduced the pressure of the International Monetary Fund on Pakistan, which is struggling with financial crisis. Originally the loan was to be repaid on 24 March, but China has agreed to extend the deadline, which will provide significant financial relief to Pakistan.
Geo News has confirmed the finance ministry to extend the loan duration, as well as said that this expansion has been done at a time when Pakistan is facing economic challenges, including pressure on foreign exchange reserves. About 92 percent of Pakistan's foreign loans are derived from three major sources, including multilateral and bilateral lender and international bonds.
China topped the total foreign loans and liabilities among bilateral lenders. Meanwhile, Pakistan, which is struggling with cash shortage, is demanding a new loan from the International Monetary Fund (IMF). For this, the IMF team in Washington is currently in Pakistan for talks.
Explain that Pakistan had achieved an extended fund facility (EFF) of US $ 7 billion in the last summer to help out of the economic crisis. This has played an important role in stabilizing the economy of Pakistan and the government has said that the country is on the path of long -term reforms.
