The Ministry of Finance (MoF) has asked Pakistan Ambassador to China Moin ul Haq for an update on Islamabad’s request for a $ 21 billion financial package from China to help with external account stability and budgetary demands.
Pakistan sought $21 billion in financial assistance from China, consisting of a rollover of current loans totaling $10.735 billion and a deposit fund of $10 billion, to fulfil future financial demands and address financial issues.
The Finance Ministry wrote a letter to Pakistan’s envoy to China on February 18, 2022, stating that several agenda items were discussed during the Prime Minister’s visit to China on February 3-6, 2022, including those submitted by the Ministry of Finance, which included rollover of all financing facilities (SAFE deposits of $4.0 billion and commercial loans of $6.735 billion) upon maturity, with one SAFE deposit of $2.0 billion maturing on March 23, 2022.
In January 2022, a rollover request was submitted and signed by the Prime Minister. Similarly, on March 25, 2022, a three-year commercial loan of RMB 15 billion, or $2.235 billion, from a consortium of CDB, BOC, and ICBC matures.