China has agreed to roll over a USD 2 billion debt on existing terms after initially seeking a hike in price as debt-trapped Pakistan’s policy to maintain foreign exchange reserves through deposits by three friendly countries, according to a media report on Wednesday.
An understanding has been reached with Beijing to further extend the repayment period of the USD 2 billion loan maturing on March 23 –- Pakistan Day, The Express Tribune newspaper cited officials from the Ministry of Finance as saying.
According to official sources, China had initially asked to further increase the interest rates on the USD 2 billion debt.
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