jin88bet.oneIslamabad, Feb 28
China has agreed to rollover a $2 billion debt on existing termsak168app.baby after initially seeking a hike in price, as Pakistan’s policy to maintain foreign exchange reserves through deposits by three counak168app.clubtries is becoming costly due to a 118 per cent surge in interest cost, a media report said.
ks168app.siteAn understanding has been reached with Beijing to further extend the repayment period of the $2 billion loan maturing on Maic88rch 23 — the Pakistan Day, The Express Tribune reported.
Sources said that China had initially asked to further increase the interest rate on the $2 billion debt. Pakistan is currently paying 7.1 per cent interest on the basis ic88of the six-month Secured Overnight Finance Rate (SOFR) plus 1.715 per cent, the report said.
The officials said that China has informally communicated its decision to further extend the repayment period and the Finance Ministry is waiting for a formal response.
ic88Pakistan’s interim Prime Minister Anwaarul Haq Kakar had last month formally requested the Chinese government to rollover the matlr88uring loans, according to officials, The Express Tribune reported.
lr88Pakistan paid Rs 26.6 billion in interest in the last fiscal to Chinalr88, Saudi Arabia, and the UAE on the $9 billion deposits that these three nations placed with the State Bank of Pakistan (SBP), the SBP balance sheet showed.
In the preceding year, the country had paid Rs 12.2 billiolr88n which jumped by 118 per cent within a year.
op88The authorities said that a major factor behind the 118 per cent increase in the interest cost was the currency devaluation in the previous fiscal, The Express Tribune reported.
si8888vThe central bank’s gross official foreign exchange reserves stand at $8 billion.
Over the past one decade, Pakistan has adopted a policy to borrow from the regional cSEXXXXX-VNountries during difficult economic times.
Author: jammukashmirfirst
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