- Imran Khan tells Xi his party inherited a ‘very difficult economic situation’, came to learn from China
- Chinese president assures to work with PM Khan to build a new era of China-Pakistan destiny
BEIJING: 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.
Prime Minister Imran Khan is in China on his first official visit. The four-day visit is aimed at reviewing the entire range of bilateral relations and to participate in the First China International Import Expo in Shanghai.
Both sides are also expected to sign several agreements and MoUs of cooperation in diverse fields.
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, PM Imran said that he had 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.
“Countries go in cycles. They have their high points, they have their low points. Unfortunately, our country is going through a low point at the moment with two very big deficits, a fiscal deficit and a current account deficit. And so we, as I’ve said, have come to learn,” he said.
Pakistan is expected to receive $6 billion economic packages from China during PM Imran’s visit. A loan of $1.5 billion is also expected to be offered, along with an additional package of $3 billion for CPEC.
Pakistan’s foreign reserves have plunged 42 per cent 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.
Xi told Prime Minister Imran Khan that he highly valued the two country’s relations, reaffirming that 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.
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.
“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 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 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 emphasised 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 Imran Khan extended an invitation to President Xi Jinping to visit Pakistan, which was accepted by the Chinese president.
Moreover, PM Imran took the Chinese prime minister into confidence regarding investments from other countries in the CPEC project.
PM Imran arrived in China on Thursday night and was received at the Beijing International Airport by Chinese Transport Minister Li Xiaopeng and Ambassador to Pakistan Yao Jing.
Pakistani Ambassador to China Masood Khalid was also part of the group of officials present to welcome him.
PM Imran was accompanied by Foreign Minister Shah Mehmood Qureshi, Finance Minister Asad Umar, Planning and Development Minister Khusro Bakhtiar and Railways Minister Sheikh Rashid. In addition to that, Advisor to PM on commerce, textiles and investment Abdul Razak Dawood and Balochistan Chief Minister Jam Kamal are accompanying the PM during his visit to China.
According to the Foreign Office (FO), the two sides will review the entire range of bilateral relations during the visit, which has enjoyed a long history of mutual trust and mutual support. The two leaderships will also sign several agreements in diverse fields.
The premier is also scheduled to visit the monument to the People’s Heroes at Beijing’s Tiananmen Square and also meet the chairman of the National People’s Congress on November 3.
On November 4, the PM will speak at the Central Party School before leaving for Shanghai to participate in the first China International Import Expo.
More than 2,800 companies from 130 countries and regions and 160,000 buyers from over 80,000 Chinese and foreign companies will participate in the expo.
A Chinese foreign ministry spokesperson on Wednesday said China and Pakistan attached great importance to PM Imran’s visit and believed that, with joint efforts of both sides, it would promote further development of relations between the all-weather strategic partners.
“This is his first official visit to China since PM Imran took office, in which, the leaders of the two countries will conduct in-depth exchanges on issues of common concern,” Chinese Foreign Ministry Spokesperson Lu Kang said during his regular briefing in Beijing.
The spokesperson said China and Pakistan were all-weather strategic partners. The relationship between the two countries was not affected by the changes in the international situation and the changes in their respective domestic situations, he had added.
