China has on Sunday, ruled out providing loans (hard cash) to debt-ridden Pakistan, but to invest in the country in multiple forms of bailout packages. China plans to invest in fresh projects, broadening the areas of inclusive cooperation and tapping new avenues of collaboration under the China-Pakistan Economic Corridor (CPEC).
Earlier in the last month, Pakistani Prime Minister Imran Khan had visited China for a bilateral talk to help debt-ridden Pakistan in the form of loans to improve Pakistan’s failing economic condition. The visit was successful and thus helped Islamabad’s dependence to reduce on the International Monetary Fund (IMF) for a bailout.
Pakistan finance minister Asad Umar has, after one week, announced Pakistan’s problem has been resolved. Umar said, “Of the $12 billion financing gap, $6 billion has come from Saudi Arabia and the rest from China.”
Chinese consul general in Lahore, Long Dingbin said, “Instead of hard cash, China plans to eventually provide multiple forms of bailout packages to Pakistan in the shape of phenomenal investments in fresh projects, broadening the area of inclusive cooperation and tapping new avenues of collaboration under the China-Pakistan Economic Corridor (CPEC).”
Dingbin said that China would never leave Pakistan broke and would try to strengthen its downgrading economic with providing maximum resources to it.
Dingbin said during Khan’s visit to China, both the countries has marked 15 agreements, which would enhance the financial sector, improve cultural ties as well as increase cooperation in politics.
While responding to reports, Dingbin said only four out of 22 agreements meant under loan and rest were Chinese investment based in Pakistan.