China promises Pakistan support as Khan tells of 'very difficult' economy
China will continue to provide support to best of its ability for Pakistans economic development
BEIJING (Dunya News/Reuters) - 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.
PM Imran Khan held a meeting with Chinese President Xi Jinping in Great Hall of the People in Beijing and the two leaders reviewed the Pakistan-China bilateral relations and held in-depth discussions on regional and global issues of mutual interest.
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.
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.
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.
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“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.
Earlier, during the meeting, President Xi Jinping congratulated Prime Minister Imran Khan on his election and assumption of office and conveyed his desire to work with the prime minister for strengthening Pakistan-China strategic cooperative partnership for shared future.
PM Imran Khan thanked the Chinese President, government and the people of China for their warm sentiments and also congratulated them on the 40th anniversary of “Reform and Opening-up”, which has resulted in China’s meteoric rise. He stressed that friendship with China was the cornerstone of Pakistan’s foreign policy and expressed the earnest desire of his government to further consolidate this relationship.
The prime minister emphasized that President Xi’s vision of connectivity – Belt and Road, and its flagship project CPEC, would translate into a win-win for shared prosperity in the region and beyond. They reviewed the progress of CPEC, expressed satisfaction on its achievements, and undertook for its early completion to maximize the benefits for Pakistan.
The two leaders also discussed regional and global issues of mutual interest and agreed to work closely towards overcoming growing political-economic uncertainties. He underscored that Pakistan stands by China in safeguarding mutual interests, shared ideals and promoting multilateralism.
Prime Minister extended an invitation to President Xi Jinping to visit Pakistan. President Xi accepted the invitation. He was accompanied by Foreign Minister, Finance Minister, Minister for Railways, Minister for Planning, Advisor to PM on Commerce and Chief Minister Balochistan.
Pakistan’s foreign reserves have plunged 42 percent since the start of the year and now stand at about $7.8 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.
Pakistan has sought to amend CPEC to put greater emphasis on projects that focus on social development, rather than purely on infrastructure.
After visiting Beijing, Khan is set to be a key note speaker at a major import fair in Shanghai, an event being touted by China as an opportunity to show the world the country welcomes foreign companies and their products.
