A friend country of Democratic Pakistan, China has assured that it will continue to help Pakistan financially to conquer the crisis of foreign payments, an expected cabinet minister told the Financial Times.
During the past financial year, the government-backed Chinese banks have lent the Pakistani government more than 5 billion US dollars as Pakistan has become increasingly dependent on the Chinese government to safeguard its finances.
“The Chines government have expressed its intention to keep helping Pakistan to avoid a crisis, a default,” claimed another PTI’s party leader.
He further said: “Despite that, the Chinese officials have urged their Pakistani counterparts to take bold steps to reduce the country’s large deficit.”
The Chairman of Pakistan Tehreek-e-Insaf, Imran Khan to take oath as Pakistan’s next Prime Minister of the 18th of the August.
One of the first tasks of the upcoming government will be to repair Pakistan’s payments problem, with increased imports and decreased exports having left it with only 10.4 billion US dollars in the foreign currency, the Financial Times said.
An official of the finance ministry told the Financial Times: “We must not put all of our eggs in the International Monetary Fund’s (IMF) basket. The future plan of the country should also include a backup plan which is built on the Chinese money.”
However, China hasn’t told Pakistan that how much amount it might give, or whether that particular amount will be enough to skip the bailout package by IMF.