{"id":96544,"date":"2024-02-29T11:50:00","date_gmt":"2024-02-29T06:50:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=96544"},"modified":"2024-02-29T11:50:02","modified_gmt":"2024-02-29T06:50:02","slug":"china-issues-loan-pak-terms-unchanged","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/china-issues-loan-pak-terms-unchanged.html","title":{"rendered":"Pak to get USD 2 bn loan from China"},"content":{"rendered":"\n<p>Islamabad: China has consented to extend the term of a USD 2 billion loan to Pakistan on its current conditions, as per the report by a news source on February 28.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/cpec-projects-need-strengthened-ties-says-pm.html\" target=\"_blank\" rel=\"noreferrer noopener\">Kakar stresses on Pak-China close coordination for completion of CPEC projects<\/a><\/p>\n\n\n\n<p>As per the details, the loan will now be subject to a postponement, pending formal confirmation from the Finance Ministry, after China&#8217;s informal indication of extending the repayment schedule.<\/p>\n\n\n\n<p>Originally, China had proposed a higher interest rate for the loan, differing from the current 7.1%, which is calculated based on the 6M Secured Overnight Finance Rate (SOFR) plus 1.715%. Responding to this, Caretaker Prime Minister Anwar Haq Kakar formally sought a one-year extension for the repayment of the USD 2 billion loan in a letter addressed to Chinese Prime Minister Li Keqiang in January.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/gilgit-china-signs-mou-boost-in-agriculture.html\" target=\"_blank\" rel=\"noreferrer noopener\">Gilgit, China signs MoU for technological boost in high-mountain agriculture<\/a><\/p>\n\n\n\n<p>Out of the USD 4 billion in deposits received from China, USD 2 billion is due for maturity on March 23, 2024, prompting Pakistan\u2019s request for an extension. This decision is significant in providing Pakistan with essential fiscal manoeuvrability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: China has consented to extend the term of a USD 2 billion loan to Pakistan on its current conditions, as per the report by a news source on February 28. Read: Kakar stresses on Pak-China close coordination for completion of CPEC projects As per the details, the loan will now be subject to a postponement, pending formal confirmation from the Finance Ministry, after China&#8217;s informal indication of extending the repayment schedule. Originally, China had proposed a higher interest rate for the loan, differing from the current 7.1%, which is calculated based on the 6M Secured Overnight Finance Rate (SOFR) plus 1.715%. Responding to this, Caretaker Prime Minister Anwar Haq Kakar formally sought a one-year extension for the repayment of the USD 2 billion loan in a letter addressed to Chinese Prime Minister Li Keqiang in January. Read: Gilgit, China signs MoU for technological boost in high-mountain agriculture Out of the USD 4 billion in deposits received from China, USD 2 billion is due for maturity on March 23, 2024, prompting Pakistan\u2019s request for an extension. This decision is significant in providing Pakistan with essential fiscal manoeuvrability.<\/p>\n","protected":false},"author":88,"featured_media":62137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[57990],"persona":[],"class_list":{"0":"post-96544","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-pak-china-news-and-updates","9":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>China Issues Loan to Pak with Terms Unchanged - Zameen News<\/title>\n<meta name=\"description\" content=\"China has agreed to extend the term of its USD 2 billion loan to Pakistan under the same terms, as indicated by a news source on February 28.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/china-issues-loan-pak-terms-unchanged.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Issues Loan to Pak with Terms Unchanged - Zameen News\" \/>\n<meta property=\"og:description\" content=\"China has agreed to extend the term of its USD 2 billion loan to Pakistan under the same terms, as indicated by a news source on February 28.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/china-issues-loan-pak-terms-unchanged.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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