Pakistan’s finance minister announced China has extended a $2.4 billion loan for two years to help the country overcome its economic crisis.

The Chinese EXIM Bank rolled over the principal amounts of the $2.4 billion loan, which Pakistan plans to repay in 2024 and 2025.

Pakistan plans to pay interest in both years.

Pakistan’s foreign exchange reserves have increased, but the government denies it is a debt trap.

China has invested billions in Pakistan, and the China-Pakistan Economic Corridor is funded by China.

Prime Minister Shehbaz Sharif has accused Imran Khan of corruption for Pakistan’s economic decline.