By Asif Shahzad and Ariba Shahid ISLAMABAD (Reuters) -Pakistani Finance Minister Ishaq Dar said on Friday 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. Locking in a rollover had been critical for Pakistan, where reserves have dipped to just four weeks worth of imports and talks over an International Monetary Fund bailout tranche of $1.1 billion have hit a stalemate. I am happy to confirm that this had been rolled over on March 23, Dar told parliament, referring to the maturity date. He said all concerned documentation had been completed. Neither the government in Beijing nor the Chinese central bank responded to requests for comment on the rollover. Dar s comments were the first official announcement of the rollover after the loan matured. Dar did not give the new maturity date or other terms of the arrangement. A top finance ministry official told Reuters on Wednesday that a formal con
By Gabriela Baczynska BRUSSELS (Reuters) - With ten rounds of sanctions since Russia invaded Ukraine in February last year, the European Union has rolled out its toughest punishment ever against a foreign country. The EU says its sanctions are meant to cut Moscow revenues and access to technology used in war. But the impact will not be severe enough to limit Russia s ability to wage war against Ukraine in 2023, a European Parliament research note said. Much trade still flows between the bloc s 27 countries and Russia - a result of successful lobbying, the EU s unwillingness to take a harder economic hit, and concerns about ripple efffects on global supply chains. Rather than seek new sanctions, the EU now wants to crack down on bypassing those already imposed and officials identified the UAE, Turkey, Armenia, Georgia, Kazakhstan and Kyryzstan as potential circumvention routes. Here is a list of areas where the EU keeps on doing business with Russia. TRADE FLOWS In 2021, Russia was the
By David Lawder and Kanishka Singh WASHINGTON (Reuters) - The United States is working hard to counter China s influence in international institutions and in lending to developing countries, U.S. Treasury Secretary Janet Yellen said on Wednesday. Yellen said she was concerned by some of China s activities globally, particularly in lending to developing countries. I am very very concerned about some of the activities that China engages in globally, engaging in countries in ways that leave them trapped in debt and don t promote economic development, she said in a hearing before the State, Foreign Operations, and Related Programs subcommittee of the House Appropriations Committee. China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building Belt and Road infrastructure, a recently published study showed. Almost 80% of the lending was made between 2016 and 2021, mainly to mid
(Reuters) - The International Monetary Fund (IMF) has approved a nearly $3 billion bailout for Sri Lanka, which could help the country unlock up to $7 billion more from other lenders such as the World Bank and the Asian Development Bank. Here are some key developments in the island nation s worst economic crisis in about 75 years. 2022 MARCH 31: Demonstrators march to President Gotabaya Rajapaksa s private residence to protest over worsening economic conditions. MAY 9: Following widespread clashes between pro- and anti-government protesters, Prime Minister Mahinda Rajapaksa, the president s elder brother, resigns. Countrywide violence leaves nine dead and about 300 injured. MAY 18: Sri Lanka falls into default after a 30-day grace period on a $78 million coupon payment expires. JULY 13: After protesters storm his office and residence, President Gotabaya Rajapaksa flees Sri Lanka, initially going to the Maldives, before moving on to Singapore. JULY 15: Parliament accepts Gotabaya Rajapa
SEOUL (Reuters) - Foreign ministers of the Group of Seven (G7) nations said on Sunday they regret the inaction by the U.N. Security Council over N.Korea s missile tests. In a statement, they noted obstruction by some members of the UNSC. Though they did not name them, China and Russia have blocked recent attempts to do more in response to N.Korea. The group condemned North Korea s March 16 launch of an Intercontinental Ballistic Missile (ICBM) as undermining regional and international peace and security. (Reporting by Hyunsu Yim; Editing by Jacqueline Wong)