China Rolls Over $3.4 Billion Loans to Pakistan

China has rolled over $3.4 billion in loans to Pakistan, Reuters reported. The rollover includes $2.1 billion that has remained parked in Pakistan’s central bank reserves for the past three years and $1.3 billion in commercial debt that the current government had repaid two months ago. The announcement is yet to be made public by the government itself. In addition to Chinese support, Pakistan has also received $1 billion from Middle Eastern commercial banks and $500 million in multilateral financing, one official confirmed. These inflows are vital for Pakistan to meet the International Monetary Fund’s requirement of maintaining foreign exchange reserves above $14 billion by June 30. The country is currently under a $7 billion IMF bailout program, which authorities credit for stabilizing the economy through ongoing reforms.