China to Rollover All Commercial Loans for Pakistan

China has given its nod of approval to Pakistan for the rollover of all commercial loans, according to the Minister for Foreign Affairs, Shah Mehmood Qureshi.

In a video message on Twitter, the minister confirmed China’s decision on its revolving facility for Pakistan and stated that procedural stipulations in this regard were being furnished by the concerned authorities and will be finalized soon.

Also, China is willing to bridge the supply of diesel to Pakistan in the face of the expected shortfalls that the country could face, he said.

Earlier, Pakistan had asked China to defer the payment of its existing loans worth $10.735 billion and provide an additional loan of $10 billion as a deposit fund. These included the rollover of safe deposits of $4 billion and commercial loans of $6.7 billion upon maturity, and a tentative currency swap arrangement beyond $15 billion, among other arrangements.

The minister is currently in China for the third meeting of the Foreign Ministers of neighbouring countries of Afghanistan which will conclude on March 31.

Apart from China and Pakistan, representatives from Russia, Iran, Tajikistan, Turkmenistan, and Uzbekistan are also participating in the main meetings involving the neighboring states.