Finance minister Ishaq Dar said on Friday that China had rolled over a $2 billion loan that matured last week, providing relief during the nation’s acute balance of payment crisis.

Locking in a rollover had been critical for Pakistan, where reserves have dipped to just four weeks’ worth of imports and talks over an IMF bailout tranche of $1.1 billion have hit a stalemate.

“I am happy to confirm that this had been rolled over on March 23,” Dar told the Senate, referring to the maturity date. He said all concerned documentation had been completed.

Neither the government in Beijing nor the Chinese central bank responded to requests for comment on the rollover.

Dar’s comments were the first official announcement of the rollover after the loan matured. Dar did not give the new maturity date or other terms of the arrangement.

A top finance ministry official told Reuters on Wednesday that a formal confirmation of the refinancing would be made after the process was completed.

Islamabad has been negotiating with the IMF since early February for the release of $1.1 billion from a $6.5 billion bailout package agreed in 2019. One of the IMF’s conditions for the release of the tranche is assurance of external financing to fund Pakistan’s balance of payments.

Longtime ally Beijing is the only help Islamabad has got so far, with refinancing of $1.8 billion credited last month to Pakistan’s central bank.

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

GB polls’ aftermath
Updated 11 Jun, 2026

GB polls’ aftermath

The new administration must address the region’s issues proactively.
Peace in retreat
11 Jun, 2026

Peace in retreat

THE ceasefire announced in April was supposed to create space for negotiations. Instead, it has been repeatedly...
A few good men
11 Jun, 2026

A few good men

IT was a brave move, no doubt. This Tuesday, in the land of the Afghan Taliban, a few good men decided to take a...
Centre vs provinces
Updated 10 Jun, 2026

Centre vs provinces

The reason the centre finds itself in this position is rooted in its failure to expand the tax net and boost revenues.
Party in crisis
10 Jun, 2026

Party in crisis

THE young KP chief minister must be starting to realise just how thorny a seat he occupies. There has been a flurry...
Varsity woes
10 Jun, 2026

Varsity woes

FINANCIAL crises affecting public sector universities across Pakistan are now having an impact on academic...