Building a sustainable Kingdom from the ground up

KARACHI: China has rolled over a $2 billion loan to Pakistan, the adviser to the finance minister of Pakistan confirmed on Saturday amid Islamabad attempts to strengthen its financial reserves. 

The development takes place as an International Monetary Fund (IMF) delegation is in Islamabad to conduct its first review of the $7 billion loan agreement reached between the two sides last year. The IMF delegation will assess the government’s performance in meeting key conditions of the loan. A successful review would secure the release of an additional $1 billion for Pakistan. 

Debt rollover commitments from Pakistan’s allies and regional partners China, Saudi Arabia and UAE were instrumental in helping Islamabad secure the bailout program last year to keep its fragile economy afloat. 

“Yes, it is confirmed that China has made this rollover,” Khurram Schehzad, the adviser to the finance minister, told Arab News on the phone. He confirmed the amount of the rollover was $2 billion. 

Pakistan needs to repay over $22 billion in external debt in fiscal year 2025, including nearly $13 billion in bilateral deposits, Fitch said.

Pakistan’s Finance Minister Muhammad Aurangzeb has repeatedly said the country aims to escape its prolonged macroeconomic crisis by boosting exports, undertaking long-term financial reforms and ensuring economic growth led by the private sector. 

As per its deal with the IMF, Pakistan has agreed to undertake reforms in its energy sector, widen the tax net and privatize loss-making state-owned enterprises. 

Pakistan was able to build some trust with the IMF by completing a short-term nine-month program last year. Previous loan programs in Pakistan ended prematurely or saw delays after the governments at the time faltered when it came to meeting key conditions.

India faces New Zealand in the Champions Trophy final Sunday in what can be deemed a new-age rivalry.
While India’s clashes against Pakistan, Australia and England have attracted more attention, this matchup with the Black Caps has slowly been bubbling under the surface.
The 2024-25 season saw this new-age rivalry come to a proper flash point.
New Zealand beat India 3-0 in a test series in its own backyard, a feat never registered before. India went on to lose in Australia. Both series defeats cost India a spot in the World Test Championship final. It has only gained little redemption in reaching the Champions Trophy final here.
Last fall’s test series is vital on another account. Mitchell Santner led New Zealand’s bowling attack with sizzling performances in Pune and Mumbai, as India got stumped against spin at home.
Santner is now the Black Caps’ ODI skipper and has led them to the final — where spin is again expected to hold the key.
The square at the Dubai International Cricket Stadium has progressively slowed down. Australia’s 264 in the first semifinal was the highest first innings’ total here in the Champions Trophy — chased down by India with 11 balls to spare.
When India and New Zealand clashed here in their group game last Sunday, the ball hardly bounced up more than the knee in the second innings. Spin, thus, will play a key role in determining the outcome of this final.
Rohit Sharma started the tournament with three spinners and brought in Varun Chakravarthy with Mohammed Shami and all-rounder Hardik Pandya as the only pace options. It has worked well — Chakravarthy took seven wickets in two games; Indian spinners have picked 14 out of 20 wickets against New Zealand and Australia enroute to the final.
With spin taking precedence on a two-paced surface, certain batters from both sides will hold the spotlight. Virat Kohli (217 runs in four matches) and Kane Williamson (189 runs in four matches) will anchor their sides with strike rotation. Rachin Ravindra (226 runs in three matches) and Shreyas Iyer (195 runs in four matches) have higher strike rates, and their aggression will be key in setting up the innings.
“It could be a 300-run wicket or a 250-one,” Santner said on Saturday. “We have to go in with an open mind and adjust accordingly. There will be periods of sustained pressure on both sides.”
Advantage India?
India did not travel to host country Pakistan for security reasons and played all its group games, the semifinal and now the final too, in Dubai. Pakistan and the ICC didn’t think it best to split India’s games across other venues in the UAE for financial reasons.
Opinion is varied, even within India’s dressing room, if that’s given India an advantage.
“What undue advantage?” asked coach Gautam Gambhir after the semifinal victory over Australia. “We haven’t practiced here even for a day. We have practiced at the ICC Academy (in Dubai). Some people are just perpetual cribbers — they need to grow up.”
Shami, India’s lead pacer with eight wickets in four games, differed: “It definitely helped us because we know the conditions and behavior of the pitch.”
New Zealand, for its part, dominated the Pakistan leg of the Champions Trophy. It knocked out Pakistan and Bangladesh in the group games, and despite tiring journeys to-and-from Dubai, had enough gas in the tank to pummel South Africa in the Lahore semifinal.
“The weather has been a little shock — it jumped up 10 degrees in the last couple days,” Santner said. “We will get a run tonight and it will set us up for tomorrow.”
Roots of the rivalry
Nearly 25 years ago, Chris Cairns’ well-timed century in Nairobi powered New Zealand past India to win the ICC Knock Out Trophy, which later was renamed the Champions Trophy.
It remains the only limited-overs ICC trophy in New Zealand’s cabinet. The Black Caps did add another in 2021 — beating India in the World Test Championship final at Southampton. In between, the Men in Blue were stopped in their tracks at the semifinal stage of the 2019 Cricket World Cup, losing a two-day rain-affected semifinal to New Zealand at Manchester.
There have been a handful of other vital clashes between the two sides — in 2021, New Zealand knocked India out of the T20 World Cup. In 2023, India returned the favor — beating New Zealand in the semifinal at Mumbai, denying them a third straight final appearance in the Cricket World Cup.
India last won the Champions Trophy in 2013 — star players Rohit Sharma and Kohli were part of that winning group. Could it be a potential final ODI outing for the stars, if they manage to overturn the 2023 disappointment of losing to Australia in the final?
“There is no talk about retirement in the dressing room, now,” vice-captain Shubman Gill said. “Last time we could not win the 2023 World Cup. We are determined to win this time.”