ISLAMABAD: China’s Exim Bank has rolled over a $600-million loan, Prime Minister Shehbaz Sharif said at the launch ceremony of the ‘Youth Sports Initiative’ in Islamabad.

Pakistan receives another $300m from China

“I was told not to use the name, but I really want to express my gratitude to our friend,” said PM Shehbaz. “Our reserves have increased after China’s Exim Bank rolled over the $600 million loan yesterday.

“We want to increase our reserves – not through loans, but our own hard work and sacrifice.”

This was in addition to over $5 billion in loans that China has rolled over for Pakistan in the last three months, according to Pakistani authorities.

Pakistan has relied on external debt and rollover of loans to help its depleting level of foreign exchange reserves, and also recently entered a shorter, nine-month Stand-By Arrangement with the International Monetary Fund (IMF) after the expiry of its previous bailout programme.