Khaleej Times

China promises support as PM tells of ‘very difficult’ economy

-

beijing — China promised to support Pakistan’s economy on Friday as Prime Minister Imran Khan told of his country’s “very difficult” economic situation amid a burgeoning financial crisis.

Pakistan’s foreign reserves have plunged 42 per cent since the start of the year and now stand at about $8 billion, or less than two months of import cover.

Last month, Pakistan received a $6 billion rescue package from Saudi Arabia, but officials say it is not enough and the country still plans to seek a bailout from the Internatio­nal Monetary Fund (IMF) to avert a balance of payments crisis.

It would be Pakistan’s 13th rescue package from the multilater­al lender since the late 1980s.

Meeting Chinese President Xi Jinping in Beijing’s Great Hall of the People, Khan said he’d come to China to learn.

“My party has only been in power for two months. Unfortunat­ely we have inherited a very difficult economic situation,” Khan said.

“Countries go in cycles. They have their high points, they have their low points. Unfortunat­ely, our country is going through a low point at the moment with two very big deficits, a fiscal deficit and a current account deficit. And so we, as I’ve said, have come to learn.” Xi told Khan that he highly valued the two country’s relations, reaffirmin­g they were “all-weather” friends.

“I attach great importance to China-Pakistan relations and am willing to work together with the prime minister to strengthen the China-Pakistan all-weather strategic partnershi­p and build a new era of China-Pakistan destiny,” Xi said. Neither man mentioned any economic aid in comments made in front of reporters. However, the Chinese government’s top diplomat, State Councillor Wang Yi, told Pakistani Foreign Minister Shah Mahmood Qureshi in a separate meeting that China would not let Pakistan down.

“The Chinese side will continue

to provide support and help to the best of its ability for Pakistan’s economic and social developmen­t and national constructi­on,” China’s Foreign Ministry cited Wang as saying, without giving details.

Khan will meet Chinese Premier Li Keqiang on Saturday, when the two countries are expected to sign a series of agreements. —

 ?? AFP ?? Prime Minister Imran Khan, accompanie­d by his delegation, arrives to meet Chinese President Xi Jinping (not pictured) at the Great Hall of the People in Beijing on Friday.—
AFP Prime Minister Imran Khan, accompanie­d by his delegation, arrives to meet Chinese President Xi Jinping (not pictured) at the Great Hall of the People in Beijing on Friday.—
 ?? AFP ?? Chinese President Xi Jinping shakes hands with Prime Minister Imran Khan ahead of their meeting at the Great Hall of the People in Beijing. —
AFP Chinese President Xi Jinping shakes hands with Prime Minister Imran Khan ahead of their meeting at the Great Hall of the People in Beijing. —

Newspapers in English

Newspapers from United Arab Emirates