Pakistan expects China to roll over more than $2bn in debt due next month, but is still bracing itself for other repayment deadlines that risk tipping the country into default.
With a crucial IMF lending programme stalled, Pakistan has about $3.7bn in overseas debt due this month and in June against its current foreign reserves of just $4.3bn.
Two senior Pakistani officials said Beijing had committed to help the country meet two crucial debt repayments in June worth a total $2.3bn by providing fresh funds immediately after Pakistan makes the payments. The refinancing of the commercial loans worth $1.3bn and a Chinese government loan of $1bn would help Pakistan avert immediate default, the Pakistani officials said.
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