Pakistan seeks $15 billion loan rescheduling from China

Finance Minister Muhammad Aurangzeb will visit China starting today to seek a rescheduling of a $15 billion loan from Beijing as per ARY News report.

A joint working group will be formed to facilitate this process. Discussions will also cover China’s Rs 480 billion energy circular debt and securing a $250 million Panda Bond.

Read More: Yamaha YBR125G matte orange now available on easy installments

Earlier this year, China rolled over a $2 billion loan to Pakistan for one year. Pakistan’s economy is struggling, having secured a $3 billion standby arrangement from the IMF last summer.

Fitch ratings agency highlighted the urgency of securing financing from international partners for the next government.