The bank has carried over the funds for two years, which are due in the following two fiscal years—$1.2 billion in FY24 and the same amount in FY25—according to a tweet from Finance Minister Ishaq Dar.
The finance minister, whose government's term will end in August, stated that Pakistan will merely pay interest in both years.
https://twitter.com/MIshaqDar50/status/1684429007985561600?s=20
The announcement that the same financial institution, Exim Bank of China, had rolled over $600 million to Pakistan was made by Prime Minister Shehbaz Sharif about a week prior.
The prime minister had stated that this sum was in addition to the more than $5 billion in loans that China, Pakistan's iron brother, has renewed during the previous three months.
Pakistan was able to escape a sovereign default and reach an agreement with the International Monetary Fund (IMF) thanks to financial assistance from friendly countries including China, Saudi Arabia, and the UAE.