China-Pakistan Relations: Even as Pakistan is struggling with its weak economy, China has pledged to support the cash-strapped country stabilise its financial situation.
Chinese Foreign Ministry spokesman Zhao Lijian while addressing the media in Beijing on Monday, said, “China has done its utmost to help Pakistan stabilise its financial situation. We have been doing so, and we will continue to do so.”
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China’s offer
Only a few days back Pakistan’s Finance Minister Ishaq Dar had revealed China offer of $9 billion bailout package to the cash-strapped country. On the other side, Saudi Arabia has offered about $4 billion to steady Pakistan’s weak economy.
Dar also said Chinese President Xi Jinping had assured Pakistan Prime Minister Shehbaz Sharif during his visit to Beijing on November 3, “Don’t worry, we will not let you down”.
When Sharif visited Beijing earlier this month, Xi Jinping promised him around $4 billion in sovereign loans, refinance $3.3 billion of commercial bank loans besides $ 1.45 billion to increase currency swaps.
Pakistan in debt
According to reports, Pakistan owes a combined sum of around $10.7 billion to the Paris Club countries, a group of major creditor nations. These countries aim to find coordinated and sustainable solutions for the debtor countries who experience difficulties in payment of debts.
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According to the International Monetary Fund (IMF), Pakistan’s total non-Paris Club bilateral debt currently stands at about $27 billion. It owes China about $23 billion in debt.
Pakistan found itself mired in political turmoil after former prime minister Imran Khan was shot at while attending a political rally in Wazirabad on November 3. Two gunmen opened fire while he was leading a protest march against the Shehbaz Sharif government.
Imran Khan was treated at the Shaukat Khanum Hospital in Lahore and was discharged on Sunday.
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