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☆ Dasu dam: Chinese workers killed in suicide bomb blast as Pakistan grapples with attacks on Beijing’s interests
▼ + stars: | 2024-03-27 | by ( Sophia Saifi | Nectar Gan | ) edition.cnn.com time to read: +4 min

Pakistani Prime Minister Shehbaz Sharif offered condolences for the death of the Chinese nationals during a visit Tuesday to the Chinese Embassy in Islamabad, where he met with Beijing’s ambassador. The blast Tuesday follows two militant attacks in recent days in southwest Pakistan, where China is investing billions in infrastructure projects. Half a year later, a separatist group attacked a luxury hotel in Gwadar, often used by Chinese nationals working at the port. In August last year, BLA militants opened fire on a Pakistani military convoy in Gwadar as it was escorting a delegation of Chinese nationals to a construction project. Two militants were killed and no harm was caused to any military personnel or civilians, according to the Pakistani military.

Persons: Muhammad Ali Gandapur, Xi, Tuesday’s, Shehbaz Sharif, Ishaq Dar, ”, “ Organizations: Islamabad CNN —, Beijing . Senior, Taliban, Foreign Ministry, Embassy, Beijing’s, Baloch Liberation, Pakistan Economic, Pakistan Stock Exchange Locations: Islamabad, Pakistan, Khyber Pakhtunkhwa, China, Afghanistan, restive, Balochistan, Gwadar, Beijing, Xinjiang, Karachi

☆ Independents Win 47 of 106 Seats Counted in Pakistan Poll, Most Backed by Imran Khan - Geo News
▼ + stars: | 2024-02-09 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

ISLAMABAD (Reuters) - Independent candidates contesting Pakistan's national election, most of whom are backed by former Prime Minister Imran Khan, won in 47 of 106 parliamentary seats as counting progressed on Friday, according to projections by broadcaster Geo News. Results have been declared by the Election Commission of Pakistan in a total of 57 seats so far, according to the panel's website. Elections were held to 264 of the 265 seats in the national assembly and a political party needs 133 seats for a simple majority. Former Prime Minister Nawaz Sharif's Pakistan Muslim League (Nawaz)(PML-N), which has won at least 17 seats so far, may form a coalition government with independent candidates, Sharif's aide Ishaq Dar suggested on Friday, Geo reported. "I am confident that we will form a government," Dar said, adding that his party would concede if any other party emerged a clear winner.

Persons: Imran Khan, Nawaz Sharif's, Nawaz, Sharif's, Ishaq Dar, Geo, Dar, Asif Shahzad, Sakshi Dayal, YP Rajesh Organizations: Pakistan's, Geo, Former, Nawaz Sharif's Pakistan Muslim League, YP Locations: ISLAMABAD, Pakistan, Nawaz Sharif's Pakistan

☆ Ahead of Election, Pakistan Seals Plan to Sell National Airline
▼ + stars: | 2024-02-01 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +8 min

"Our job is 98% done," Privatisation Minister Fawad Hasan Fawad told Reuters when asked about the plan to sell the airline. Details of the privatisation process have not been previously reported. PIA had liabilities of 785 billion Pakistani rupees ($2.81 billion) and accumulated losses of 713 billion rupees as of June last year. Its CEO has said losses in 2023 were likely to be 112 billion rupees. PIA spokesman Abdullah Hafeez Khan said the airline was assisting the privatisation process, extending "full cooperation" to the transaction adviser.

Persons: Asif Shahzad, Fawad Hasan Fawad, Fawad, Ernst & Young, Shamshad Akhtar, Abdullah Hafeez Khan, Nawaz, Nawaz Sharif, Imran Khan, Sharif's, Ishaq Dar, EASA, Brendan Sobie, Gibran Peshimam, Raju Gopalakrishnan Organizations: Pakistan International Airlines, International Monetary Fund, PIA, IMF, Reuters, Caretaker, Ernst &, Ernst, FAST, Pakistan Muslim League, European Union Aviation Safety Agency, Heathrow, Manchester, Birmingham, Kuwaiti Locations: Asif Shahzad ISLAMABAD, Pakistan, Czech, Hungarian, Karachi, Europe, Kuala Lumpur, Toronto, Singapore, East, North America, Paris, New York

A Pakistan International Airlines (PIA) passenger plane prepares to take off from the Benazir International airport in Islamabad, Pakistan, February 9, 2016. REUTERS/Faisal Mahmood/File PhotoISLAMABAD, Aug 7 (Reuters) - Pakistan plans to privatise its loss-making national carrier Pakistan International Airlines (PIAa.PSX), the government said on Monday, as the country also seeks to outsource its airport operations in line with an IMF deal. The privatisation decision was taken at a meeting of the Cabinet Committee of Privatisation chaired by Finance Minister Ishaq Dar. The committee "after deliberation decided to include Pakistan International Airlines Co. Ltd in the list of active privatisation projects of the ongoing privatisation programme, following an amendment in the law by the Parliament," a finance ministry statement said. Pakistan hopes to resume PIA flights to Britain in the next three months after services were suspended following a fake pilot scandal.

Persons: Faisal Mahmood, Ishaq Dar, Asif Shahzad, Baranjot Kaur, David Goodman, Mark Potter, Alistair Bell Organizations: Pakistan International Airlines, PIA, Benazir, REUTERS, Finance, Pakistan International Airlines Co . Ltd, PIAInvestment, European Union's Aviation Safety Agency, International Monetary Fund, Pakistan, Baranjot, Thomson Locations: Islamabad, Pakistan, ISLAMABAD, , New York, Britain, Europe, Bengaluru

Companies International Monetary Fund FollowISLAMABAD, Aug 1 (Reuters) - Pakistan announced an increase in petrol and diesel prices on Tuesday to better reflect rising international prices and to raise revenue to meet the objectives of an International Monetary Fund (IMF) bailout. In a recorded video statement, Finance Minister Ishaq Dar said gasoline, or petrol, prices would be raised by 19.95 Pakistani rupees to 272.95 Pakistani rupees ($0.952) per litre and diesel by 19.90 rupees to 273.40 rupees per litre, an increase of 7.8% for both fuels. Fuel prices have increased sharply in global markets in the last 15 days, Dar said, adding his government had tried to minimise the hike. The IMF has also called on Pakistan to maintain a tight monetary policy. The central bank on Monday, however, kept the policy rate steady at 22%, with its governor saying the lender's requirement of tight policy didn't necessarily mean raising the rate.

Persons: Ishaq Dar, Dar, Asif Shahzad, Kim Coghill, Jamie Freed, Christian Organizations: International Monetary, International Monetary Fund, Brent, IMF, Thomson Locations: Pakistan, Islamabad

"Chinese Exim bank rolled over principal amounts totalling $2.4 bln which are due in next 2 fiscal years," he said in a post on messaging platform X, formerly known as Twitter. "Pakistan will make interest payments only over the next two years," Dar said, meaning the wavier is only for the principal loan amount. "In principle, China and Pakistan have close cooperation in economic and financial sectors, and we will continue to advance cooperation with Pakistan to support the country in achieving stability and development," Chinese Foreign Ministry spokesperson Mao Ning said. The IMF team this month met the leadership of all political parties, including former Prime Minister Imran Khan, to seek a continuation of its bailout objectives irrespective of who comes to power. Reporting by Asif Shahzad; Additional Reporting by Andrew Hayley in Beijing; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Ishaq Dar, Dar, Mao Ning, Shehbaz Sharif, Imran Khan, Asif Shahzad, Andrew Hayley, Tom Hogue, Christopher Cushing Organizations: Pakistan Finance, Reuters, Foreign Ministry, Longtime, Beijing, Initiative, International Monetary Fund, United, United Arab Emirates, IMF, Thomson Locations: Islamabad, Pakistan, ISLAMABAD, China, Saudi Arabia, United Arab, Beijing

☆ Saudi Arabia sends Pakistan $2 bln in financial support
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: 1 min

ISLAMABAD, July 11 (Reuters) - Saudi Arabia has sent $2 billion to Pakistan's central bank, the South Asian nation's finance minister said on Tuesday, another boost for its ailing economy after an IMF bailout. "I thank Saudi Arabia on behalf of the prime minister and army chief," Finance Minister Ishaq Dar said in a recorded video statement. Saudi Arabia pledged the money and then waited for the aid package from the International Monetary Fund to go ahead before depositing it with the State Bank of Pakistan. The financial support will help to shore up the central bank's depleted foreign exchange reserves, which had dipped to cover barely a month of controlled imports. Islamabad secured a last-gasp $3 billion IMF bailout on the last day of June.

Persons: Ishaq Dar, Asif Shahzad, Sakshi Dayal, Tom Hogue Organizations: International Monetary Fund, State Bank of Pakistan, Thomson Locations: ISLAMABAD, Saudi Arabia, Islamabad

☆ International Monetary Fund agrees on crucial $3 billion bailout to Pakistan
▼ + stars: | 2023-06-30 | by ( ) www.cnbc.com time to read: +2 min

In this photo International Monetary Fund (IMF) logo is seen in Washington D.C., United States on April 11, 2023. The International Monetary Fund, or IMF, has reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement, the lender said, a decision long awaited by the South Asian nation which is teetering on the brink of default. "Praise be to God," tweeted Finance Minister Ishaq Dar after the deal was announced early on Friday. Pakistan will receive formal documents on the deal later on Friday from the IMF, Dar told Reuters, which he said he would "sign, seal and return by tonight." The country was awaiting the release of the remaining $2.5 billion from a $6.5 billion bailout package agreed in 2019, which expired on Friday.

Persons: Ishaq Dar, Dar, Nathan Porter Organizations: Monetary Fund, Washington D.C, South, IMF, Reuters Locations: Washington, United States, Pakistan, Ukraine

☆ Pakistan's last-gasp IMF bailout as it happened
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

-Nov 2023: Pakistan, IMF begin virtual engagement for the ninth review of the loan programme. -Jan 2023: Pakistan reiterates commitment to completing the IMF programme in a meeting on the sidelines of a climate conference in Geneva. -Feb 2023: Pakistan, IMF decide to resume talks virtually on steps needed to secure an agreement for the ninth review. -May 2023: IMF mission chief says continuing to work with Pakistani authorities to bring the ninth review to conclusion once necessary financing is in place. -June 26, 2023: Pakistan's central bank raises its benchmark interest rate by 100 basis points to 22% at an emergency meeting days before IMF programme expires.

Persons: Imran Khan, Shehbaz Sharif, Miftah Ismail, Ishaq Dar, Pakistan's, Kristalina Georgieva, Ariba Shahid, Tanvi Mehta, Raju Gopalakrishnan Organizations: International Monetary Fund, IMF, Pakistan, SBA, EFF, Thomson Locations: KARACHI, Pakistan, Geneva, Paris, Pakistan's, Karachi, New Delhi

LAHORE, June 29 (Reuters) - Pakistan's finance minister said a staff level agreement for a crucial bailout deal with the International Monetary Fund was "very close" and expected in the next 24 hours. "We are very close to signing a staff level agreement with the IMF," minister Ishaq Dar told Reuters late on Thursday. A source familiar with talks told Reuters that Pakistan and the IMF were also in discussions for the release of the full $2.5 billion pending under the IMF programme. A representative for the IMF in Pakistan did not immediately respond to a request for comment. It was unclear what portion of the funds would be released in the announcement he expected in the next 24 hours.

Persons: Ishaq Dar, Dar, Asif Shahzad, Charlotte Greenfield, Andrew Heavens, Alison Williams Organizations: International Monetary, IMF, Reuters, Thomson Locations: LAHORE, Islamabad, Pakistan, Lahore

☆ Pakistan hopes for bailout decision in day or two as IMF seeks deal 'quickly'
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

[1/2] Pakistan's Prime Minister Shehbaz Sharif attends a summit on climate resilience in Pakistan, months after deadly floods in the country, at the United Nations, in Geneva, Switzerland, January 9, 2023. "The IMF team continues discussions with Pakistani authorities with the aim of quickly reaching an agreement on financial support from the IMF," mission chief Nathan Porter said. Prime Minister Shehbaz Sharif said earlier in the day that he hoped consensus over the IMF programme's points "will lead to a decision in a day or two". The statement from the prime minister's office added that Sharif spoke to IMF Managing Director Kristalina Georgieva about the country's bailout funds, stalled since November. The IMF funds subject to approval by its board promise respite for Pakistan, which is battling its worst economic meltdown, with an acute balance of payments crisis and falling reserves of foreign exchange.

Persons: Shehbaz Sharif, Denis Balibouse, Ishaq Dar, Nathan Porter, Sharif, Kristalina Georgieva, Dar, Asif Shahzad, Ariba Shahid, Gibran Naiyyar Peshimam, Shivam Patel, Charlotte Greenfield, Krishna N, Das, William Maclean, Mark Potter Organizations: Pakistan's, United Nations, REUTERS, Pakistan, International Monetary Fund, IMF, Thomson Locations: Pakistan, Geneva, Switzerland, ISLAMABAD, Islamabad, Paris

ISLAMABAD, June 25 (Reuters) - Pakistan's parliament on Sunday approved the government's 2023-24 budget which was revised to meet International Monetary Fund conditions in a last ditch effort to secure the release of more bailout funds. The IMF in mid-June expressed dissatisfaction with the country's initial budget, saying it was a missed opportunity to broaden the tax base in a more progressive way. The revised budget was approved a day after Finance Minister Ishaq Dar introduced new taxes and expenditure cuts. There are five days to go before the $6.5 billion Extended Fund Facility (EFF) agreed in 2019 expires on June 30. The IMF has to review whether to release some of the $2.5 billion still pending to Pakistan before then.

Persons: Ishaq Dar, Raja Pervaiz Ashraf, Dar, Shehbaz Sharif, Kristalina Georgieva, Asif Shahzad, Emelia Sithole Organizations: Sunday, International, Fund, IMF, Thomson Locations: ISLAMABAD, Pakistan, Paris

"Pakistan and IMF had detailed negotiations for the last three days as a last effort to complete the pending review," he told parliament. That will revise Pakistan's revenue collection target to 9.415 trillion rupees ($33 billion) and put total spending at 14.480 trillion rupees ($51 billion), Dar said. "These changes will make our fiscal deficit much better," he said. Money allocated for cash handouts to the poor was also revised from 450 billion rupees to 466 billion rupees for fiscal 2024, Dar said. "I hope, God willing, that we will have an agreement with the IMF," Dar said.

Persons: Ishaq Dar, Dar, Shehbaz Sharif, Kristalina Georgieva, Asif Shahzad, William Mallard Organizations: International Monetary Fund, IMF, Global Financing, Thomson Locations: ISLAMABAD, Pakistan, Paris

ISLAMABAD, June 10 (Reuters) - Pakistan is working on the possibility of restructuring its bilateral debt regardless of whether it successfully completes its IMF review, the country's finance minister said on Saturday, but reiterated it would not approach Paris club nation creditors or seek haircuts. The country is grappling with record inflation, fiscal imbalances and critical levels of reserves that cover barely a month worth of imports. The fiscal deficit for the following fiscal year was projected at 6.54% of GDP, according to the budget. Dar said on Saturday there was no more room in the budget to reduce the fiscal deficit target by any further. The government has received commitments of only $4 billion, mainly from Saudi Arabia and the United Arab Emirates.

Persons: Ishaq Dar, Dar, Gibran Naiyyar Peshimam, Shahid, Charlotte Greenfield, Michael Perry, William Mallard, Frances Kerry Organizations: IMF, Pakistan's IMF, United, United Arab Emirates, Thomson Locations: ISLAMABAD, Pakistan, Paris, Pakistan's, China, Saudi Arabia, United Arab

Finance Minister Ishaq Dar announced the target during his budget speech to the national legislature. The deficit target for the fiscal year ending this month had been revised higher, from a previous projection of 4.9%. The government had prepared "a responsible budget, not an election budget", Dar said. The total spending target would be 14.46 trillion rupees ($50.45 billion), Dar said, with 1.8 trillion rupees going to defence. It would target net external financing of 2,527 billion rupees for the fiscal year ending in June 2024 of which 1,601 billion rupees would come via commercial and Eurobond borrowing.

Persons: Akhtar Soomro, Ishaq Dar, Dar, Shehbaz Sharif, Shahbaz Ashraf, Mustafa Pasha, Asif Shahzad, Gibran Peshimam, Shahid, Charlotte Greenfield, Louise Heavens, Mark Heinrich, Mark Potter, Sriraj Organizations: REUTERS, IMF, Finance, Pakistan, FRIM Ventures, Lakson Investments, Reuters, Thomson Locations: Karachi, Pakistan, IMF ISLAMABAD

☆ Watched by IMF, Pakistan to present budget amid economic, political crises
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +3 min

[1/4] A labourer waits for work while sitting beside push trollies outside a market in Karachi, Pakistan June 8, 2023. Against the backcloth of this political drama, Finance Minister Ishaq Dar is set to deliver his budget speech to parliament after 4:00 pm (1100 GMT) on Friday. Some budget figures were announced earlier this week, including development spending of 1,150 billion Pakistani rupees ($4 billion), and an economic growth target of 3.5% for the coming fiscal year. On Thursday, the International Monetary Fund said that it has been discussing the budget with Pakistan. Pakistan missed almost all of its economic targets set in the last budget, most notably its growth target, which was initially set at 5%, revised down to 2% earlier this year.

Persons: Akhtar Soomro, Shehbaz, Imran Khan, Ishaq Dar, Esther Perez Ruiz, Khan, Gibran Peshimam, Simon Cameron, Moore Organizations: REUTERS, IMF, Reuters, International Monetary Fund, Pakistan, Thomson Locations: Karachi, Pakistan, Akhtar Soomro ISLAMABAD

June 8 (Reuters) - Pakistan is likely to post GDP growth of 0.29% in the fiscal year ending June 2023, the country's economic survey released on Thursday said, well below the target of 5% set last year. Finance Minister Ishaq Dar told a news conference on the annual report that 0.29% GDP growth was a "realistic achievement" and anything higher was not achievable. Average year-on-year inflation rate for the period up to May 2023 was recorded at 29.2%, the survey found. In April and May, the country's inflation hit record levels, which were also the highest in Asia. Remittances of money sent from relatives abroad were down 13% for the FY23 until April, to $22.7 billion.

Persons: Ishaq Dar, Ariba Shahid, Asif Shahzad, Gibran Peshimam, Sakshi Dayal, Sudipto Ganguly, Barbara Lewis Organizations: International Monetary Fund . Finance, Thomson Locations: Pakistan, Asia

[1/2] Pakistan's Finance Minister Ishaq Dar gestures during a news conference to announce the economic survey of fiscal year 2016-2017, in Islamabad, Pakistan, May 25, 2017. REUTERS/Faisal MahmoodISLAMABAD, May 28 (Reuters) - Pakistan will share its upcoming budget details with the International Monetary Fund (IMF) in order to unlock stalled funds, Finance Minister Ishaq Dar said on Sunday. The IMF funding is crucial for the $350 billion South Asian country, which faces an acute balance of payments crisis. The IMF's $1.1 billion funding to Pakistan, which is part of the $6.5 billion Extended Fund Facility agreed in 2019, has been held up since November. Islamabad hosted the IMF mission in February to negotiate a series of fiscal policy measures to clear the 9th review.

☆ Pakistan's external financing requirements for IMF deal unchanged - IMF
▼ + stars: | 2023-05-14 | by ( Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +2 min

KARACHI, May 14 (Reuters) - Pakistan's external financing requirements have not been changed in talks with the International Monetary Fund (IMF) over bailout funds, the IMF Resident Representative in Pakistan said, denying local media reports that the Fund was seeking fresh financing. Pérez Ruiz said that external funding requirements had not changed throughout the discussions, under a review that would unlock $1.1 billion in financing for the cash-strapped South Asian nation as part of a $6.5 billion IMF package. On Thursday, the Fund reiterated that obtaining commitments on external financing from friendly countries would be essential before the IMF approves the release of bailout funds. IMF Resident Representative Pérez Ruiz said that Pakistani authorities committed to the IMF during last month's spring meetings that they would not introduce the cross-subsidy scheme in fiscal year 2023 or beyond. "The announced fuel cross-subsidy scheme raises new quasi-fiscal and balance of payments risks, and it is amenable to fraud," she said, in a separate text message to Reuters.

An IMF review of the budget presents a fresh hurdle before the lender approves the release of pending bailout funds, which are crucial for Pakistan to resolve an acute balance of payments crisis. Pakistan has struggled to strike a deal with the IMF to release funds critical to stabilise the struggling economy. On Thursday, Finance Minister Mohammad Ishaq Dar reiterated that Pakistan has already taken all the agreed steps to unlock the funding. The $1.1 billion tranche is a part of a $6.5 billion bailout package the IMF approved in 2019, which is due to end in June, prior to the budget. The government has removed caps on the exchange rate, imposed taxes, raised energy tariffs, and scaled back subsidies in an attempt to unlock the IMF funding.

The external financing is needed to fully fund the balance of payments gap for the fiscal year that ends in June. Last week Saudi Arabia also told the IMF it would provide financing of $2 billion to Pakistan. Dar has said Pakistan has given details of the scheme to the IMF, which has asked how it would it find the resources needed. The IMF program will disburse another tranche of $1.4 billion to Pakistan before it concludes in June. Reporting by Gibran Naiyyar Peshimam, writing by by Shilpa Jamkhandikar; editing by Sudipto GangulyOur Standards: The Thomson Reuters Trust Principles.

☆ Pakistan's finance minister opposes snap polls mandated by top court
▼ + stars: | 2023-04-10 | by ( Asif Shahzad | ) www.reuters.com time to read: +2 min

ISLAMABAD, April 10 (Reuters) - Provincial snap elections are not in Pakistan's national interest given its economic turmoil and security situation, the country's finance minister said on Monday, in defiance of an order by the country's supreme court. Finance Minister Ishaq Dar on Monday put forward a financial bill to seek a vote on whether to approve the election funding. "The country's economic, security and internal conditions demand that snap polls aren't in the national interest," he said in a televised speech to parliament. He suggested holding the elections together in all provinces and national seats, saying that would reduce logistics and security expenses. ($1 = 286.2500 Pakistani rupees)Reporting by Asif Shahzad; editing by John Stonestreet and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Pakistan fin min: canceled trip to Washington on prime minister's orders
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: 1 min

KARACHI, Pakistan, April 8 (Reuters) - Pakistan Finance Minister Ishaq Dar on Saturday said he had canceled his trip to Washington for the spring meetings of the International Monetary Fund and World Bank on the orders of the prime minister due to the political situation in the country. Dar said he would attend important attend bilateral and multilateral meetings virtually and a Pakistani delegation would be present in Washington. The minister played down reports of the canceled trip being linked to a holdup in Pakistan's IMF bailout programme. Reporting by Gibran Peshimam; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Pakistan minister cancels trip to IMF, World Bank meetings in US - sources
▼ + stars: | 2023-04-07 | by ( Asif Shahzad | ) www.reuters.com time to read: +2 min

[1/2] Pakistan's Finance Minister Ishaq Dar is seen after a party meeting in Islamabad, Pakistan September 26, 2017. REUTERS/Faisal MahmoodISLAMABAD, April 7 (Reuters) - Pakistan's finance minister has cancelled a visit to Washington for spring meetings of the International Monetary Fund (IMF) and World Bank, government officials said on Friday, citing domestic political turmoil as the reason. Minister Ishaq Dar was scheduled to attend the meetings from April 10 and see top IMF officials and multilateral creditors in a bid to secure stalled funding that the South Asian country desperately needs to avert a balance-of-payments crisis. Prime Minister Shehbaz Sharif has rejected Khan's demand, saying a general election is due anyway late this year. The officials said the finance secretary, the top civil servant in the ministry, and the central bank governor would likely lead Pakistan's delegation to Washington.

☆ China rolls over $2 bln loan to Pakistan - finance minister
▼ + stars: | 2023-03-31 | by ( Asif Shahzad | ) www.reuters.com time to read: +1 min

ISLAMABAD, March 31 (Reuters) - Pakistan's finance minister, Ishaq Dar, said on Friday that China had rolled over a $2 billion loan that matured last week, providing relief during the South Asian nation's acute balance of payment crisis. "I am happy to confirm that this had been rolled over on March 23," Dar told parliament, referring to the maturity date. Dar's comments were the first official announcement of the rollover after the loan matured. A top finance ministry official told Reuters on Wednesday that a formal confirmation of the refinancing would be made after the process was completed. 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.

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