Tuesday , 11 December 2018
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China again declines to reveal details of financial assistance to Pak

BEIJING: China on Wednesday once again declined to quantify the financial assistance it is willing to provide to Pakistan after the just concluded visit of Prime Minister Imran Khan to Beijing even as it termed his talks with top Chinese leaders “very successful”.

Khan visited China from November 2 to November 5 during which he held talks with President Xi Jinping and Premier Li Keqiang for China’s help to tide over the serious economic crisis faced by cash-strapped Pakistan which included balance of payments.

During Khan’s visit to Saudi Arabia last month, the Gulf Kingdom agreed to provide Pakistan US$ 3 billion in balance of payment support and additionally give oil worth US$ 3 billion on deferred payment.

Earlier reports from Pakistan said Beijing has committed a similar amount during Khan’s visit but Chinese officials declined to confirm it.

Pakistan’s Finance Minister Asad Umar who accompanied Khan said on Tuesday that China had promised at the highest level to help through an assistance package to tide over the crisis but did not reveal the amount.

A team of Pakistani officials was expected to arrive here on November 9 to finalise the details.

Asked for her reaction to Umar’s comments and how much China has offered to Pakistan, Foreign Ministry spokesperson Hua Chunying said Beijing would provide assistant to the best of its capacity but did not specify the amount.

“Pakistan is China’s all weather partner. We enjoy very good relationship that has been operating at a very high level,” she said.

“We have been offering our assistance to Pakistan within the best of our capacity. In the future, in the light of Pakistan’s need and as per our mutual agreement, we will continue to offer help economically and for betterment of people’s livelihoods,” she said.

In his comments on Tuesday, Umar said “we had told you about the US$ 12 billion financing gap, of which US$ 6 billion have come from Saudi Arabia, and the rest has come from China. So the immediate balance of payments crisis of Pakistan has ended. I want to make that clear in unequivocal terms that we do not have any balance of payments crisis now.”

Before his visit to China, Umar had said that at present Pakistan faced a total of US$ 27 billion deficit which included US$ nine billion debt repayment this year.

Umar’s comments of China’s assistance came in the backdrop of criticism in the Pakistan media that Khan has returned home empty handed without securing firm commitment from Beijing as it remained circumspect due his past criticism of projects of China Pakistan Economic Corridor (CPEC), an ambitious project of President Xi.

Some of his ministers too sounded critical of it.

Pakistan has recently approached the International Monetary Fund for a bailout package and wants to minimise its loans with the international lender apprehending stringent financial conditions which included scrutiny of the confidential details of the CPEC.

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