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ISLAMABAD: Finance Minister Ishaq Dar has claimed that China has rolled over for a year its two billion dollars loan to Pakistan—denying the media reports that Pakistan was still awaiting this rollover.

In a Senate session on Friday, Dar termed as “speculative and misleading” the reports carried by a section of foreign media that Pakistan was still waiting for rollover of China’s $2 billion loan.

Responding to a point of order raised by Pakistan Peoples Party (PPP) stalwart and former chairman Senate Raza Rabbani regarding the said reports, Dar spoke in rejection of these media reports.

“Our business with China relates to safe deposit and commercial banks I am happy to confirm that China’s $2 billion loan is not outstanding anymore since this loan has been rolled over,” he said.

Chinese loan rollover of $2bn to Pakistan in process: source

Dar said that the rollover took place on March 23 and documentation in this regard was completed. “This issue is no longer lingering,” the minister claimed.

Although, the finance minister attended the Senate sitting, majority of the cabinet members did not show up for the house’s sitting which drew ire of treasury Senator Asif Kirmani.

In an apparently embarrassing situation for the federal government, Kirmani, who belongs to Pakistan Muslim League Nawaz (PML-N), slammed the absence of the federal ministers from the Senate session including those from his own political party the N-League. Questioning Chairman Senate Sadiq Sanjrani over this issue, Kirmani asked as to why the “spoiled” ministers were not in the house.

“This is so-called upper house of the parliament but it is not taken seriously at all where are the ministers?” the senator asked in an audibly grim tone.

Attempting to pacify the aggrieved senator, State Law Minister Shahadat Awan stated that the ministers were “busy in important official engagements” and they would attend the Senate sitting soon.

“What does that mean? Are we all sitting idle here? Have we got nothing to do?” Kirmani questioned, as a visible embarrassed state law minister, who is also a senator, assured him that cabinet members would attend the house meetings in future.

The Chairman Senate also stated that he would reach out to the senior government officials to ensure the attendance of the ministers at the Senate session.

Meanwhile, two government bills; Petroleum (Amendment) Bill 2022 and Trade Dispute Resolution Bill 2023 were moved in Senate and referred to the relevant standing committees. The house was adjourned till Monday.

Copyright Business Recorder, 2023


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Shanj Apr 01, 2023 06:36am
PDM and its facilators will eat these 2 billion dollars.
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Awami Apr 01, 2023 07:07am
This is a great news after long time. This will start up the IMF to start making needed dollars to defreeze economy.
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Tulukan Mairandi Apr 01, 2023 09:40am
In othet words, if not for iron brother China, we will be in default. We are afloat on loans ans largesse. People dying in stampede just for wheat, and consuming human excrement imported from India. In fact, all my contacts in SPB say a default is very likely very soon. Better withdraw your money and keep it safely in foreign currency.
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My Pakistan Apr 01, 2023 11:04am
Knowing Chinese very well, they are the most generous people on earth. It's just not Pakistan, they have lifted out millions of people out of poverty around the world.
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AK Khan Apr 01, 2023 11:06am
Let's not humiliate china by calling it friend. It's our country's saviour.
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Maj M A Sharif Apr 01, 2023 11:11am
As a person serving in army. For this timely help from china I wouldn't hesitate to sacrifice my life for China's welfare
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Kes Apr 01, 2023 11:24am
Whatever Dar says. Just imagine the opposite. Pakistan wont default = Pakistan will default IMF has Agreed = IMF has not agreed. China loan rolled over = China loan not rolled over. I am not a crook = I am a crook.
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Miannawazshit Apr 01, 2023 12:36pm
One cannot and should not believe this liar. The SBP has kept quiet over the rollover, which leads me to believe that it has not happened. Let the SBP issue a statement on this to clear the matter and expose this UK national liar.
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Aamir Latif Apr 01, 2023 12:49pm
Does this make any difference in IMF SLA..????? It's only a breather, where is economic planning that is planned within our resources, first matter how bitter it is..?????
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Ch K A Nye Apr 01, 2023 02:33pm
@Miannawazshit, In fact, let's wait for the Chinese to confirm. Even SBP statements are in doubt.
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Jack Apr 01, 2023 02:50pm
Bring back Miftah Ismail(Phd) - an economist in place of this current chartered accountant and fraudster Ishaq Dar (BCom). Miftah worked as an economist with the IMF too. Maybe things would been better with the IMF if he had been around.
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Jack Apr 01, 2023 02:54pm
Pakistan finance minister Ishaq Dar once said rupee will strengthen to under 200 to the US dollar. Now its getting close to 300
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