Pakistan, facing a severe financial crisis, has reached out to its ‘all-weather’ friend China for assistance.
As per the report in The Express Tribune newspaper, the caretake Prime Minister Anwaarul Haw Kakar has sent a letter to Chinese Premier Li Qiang, requesting a rollover of a $2 billion loan.
The loan from China is set to mature on March 23.
In his letter, Kakar expressed gratitude to China for its previous financial aid, which helped the country stabilize its foreign exchange reserves and alleviate the pressure of external debt payments. Pakistan has been the recipient of total $4 billion in loans from China. Earlier this month, UAE had sanctioned $2 billion to Pakistan as loan and similarly Saudi Arabia had also deposited $5 billion with the State Bank of Pakistan.