Pakistan seeks $1.3bn China refinancing

Pakistan has reportedly requested China to refinance a USD 1.3 billion commercial loan, with the funds expected to be received later this month once the terms and conditions are finalised. According to the sources, discussions with Chinese authorities are underway to expedite the refinancing process. The inflow is expected to provide timely support to Pakistan’s foreign exchange reserves. The sources said Pakistan made external debt repayments of USD 2.2 billion in July, including the repayment of a USD 1.3 billion Chinese commercial loan. READ ALSO: China rolls over $3.4 billion of commercial loans to Pakistan, says source