Imran Khan requests Chinese premier to refinance l

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Imran Khan requests Chinese premier to refinance loan as economy stays in doldrums - Today News Post Today News || News Headlines

Islamabad [Pakistan], March 25 (ANI): Amidst a weakening economy:1619311051642,, Pakistan Prime Minister Imran Khan has requested Chinese Premier Li Keqiang to further refinance an RMB 15 billion loan that was extended to the country three years ago for another three years on existing terms and conditions, local vernacular media reported.

Loan refinancing refers to the process of taking out a new loan in order to pay off one or more outstanding loans.

The three-year loan was earlier extended on March 25 in 2019 by a consortium of Chinese banksrefusal to allow a visit by his doctor. His deteriorating condition has caused international outrage., including, China Development Bank, Bank of China and IndustrialCommercial Bank of China, to finance the trade between the two countries, to fund projects under the China-Pakistan Economic Corridor (CPEC)including interprovincial collaboration to send health-care resources where they, as well as other earmarked projects, the reports said.

The previous loan was provided at an interest rate of six-month Shanghai Interbank Offered Rate (SHIBOR) plus a 2.50 per cent margin for a period of three years with maturity on March 25restrictions are lifted and can return to usual., 2022.

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