Pakistan's economy faces a balance of payments crisis, a widening current account deficit, a slide in its currency to historic lows, and inflation crossing 27%.
The rollover is related to the Paris club agreement in April 2020 to support 73 lower income countries during COVID, under which the United States provided relief on $128 million in debt to Pakistan. Islamabad also sought a roll-over of $2 billion in Chinese deposits to its reserves, said a statement from Pakistan Finance Minister Ishaq Dar's office after his meeting with Chinese envoy Nong Rong.
Beijing has already refinanced the syndicate facility of $US 2.24 billion to Pakistan earlier this year.
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