China has assured Pakistan of re-lending USD 3.7 billion in commercial loans, denominated in Chinese currency, before the end of June, in a move that will help keep the foreign exchange reserves in double digits, according to a media report on Wednesday.
Unlike in the past, when Beijing has given loans in non-Chinese currency too, this time Pakistan’s strategic ally has decided not to give loans in the United States currency as part of its drive to decouple the economy from the dollar, the government sources told The Express Tribune newspaper.
They said that China gave these assurances during recent meetings, aimed at securing the refinancing of loans maturing between March and June 2025. PTI
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