China agrees to refinance over $2 billion of Pakistan’s debt

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Islamabad, June 2 (UNI) In a major financial relief to the Pakistan government, the country’s Finance Minister Miftah Ismail announced that China has agreed to refinance $2.3 billion in debt, Express Tribune reported on Thursday.

“The terms and conditions for refinancing of RMB 15 billion deposit by Chinese banks (about US$ 2.3 billion) have been agreed,” Miftah tweeted.

He further wrote that the inflow is expected shortly after approvals from both sides and this he said will help shore up Pakistan’s foreign exchange reserves, which have been dwindling fast in recent months as the country battles an unprecedented economic crisis.

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