China pins blame of Pakistan's economic woes on 'a developed country'
Business
Spokesperson Mao Ning urges all parties to play constructive role in Pakistan's economic stability
BEIJING (Web Desk) – China said the radical financial and monetary policies of “a certain developed country” and their serious spillover effects were the primary cause of the financial difficulties experienced by Pakistan and many other developing countries.
Chinese Foreign Ministry Spokesperson Mao Ning stated this in a regular press briefing when a Bloomberg representative asked, “Both Moody’s and Fitch say Pakistan has $7 billion of debt due by June, including those from China. So will the loans be rolled over?”
In her reply, the spokesperson suggested the media person to contact the competent Chinese authorities but also informed him about her country’s principled position
“To give you our principled position, China and Pakistan are all-weather strategic and cooperative partners and iron brothers. The two sides have always shared weal and woe together and supported each other. China has been in close economic and financial cooperation with Pakistan and supported its efforts to maintain economic stability, improve lives and achieve self-generated development,” she said.
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In a veiled reference, Mao Ning also pointed out that “the radical financial and monetary policies of a certain developed country and their serious spillover effects are the primary cause of the financial difficulties experienced by Pakistan and many other developing countries”.
“The Western-dominated commercial creditors and multilateral financial institutions account for the lion’s share of developing countries’ debt,” she said while calling for concerted efforts from all parties to play a constructive role in Pakistan’s economic and social stability efforts.
The statement comes as the South Asian country was making all possible efforts to secure $1.1 billion loan tranche from the International Monetary Fund (IMF). Despite accepting tough conditions laid forth by the global lender, the revival of the programme is still in limbo, causing record low in value of the Pakistani currency.
