Editor in Chief: Moh. Reza Huwaida Tuesday, November 13th, 2018

China Says Willing to Help Pakistan over Fiscal Crisis

China Says Willing to Help Pakistan over Fiscal Crisis

BEIJING — Close ally China said Saturday it was willing to offer assistance to Pakistan to help it weather its current fiscal woes but that terms of such aid are still being discussed.
That followed a meeting in Beijing between Chinese Premier Li Keqiang and Pakistan’s newly elected Prime Minister Imran Khan, who met the previous day with Chinese President Xi Jinping.
Pakistan’s growing fiscal crisis has raised questions about its ability to repay Chinese loans granted as part of Beiing’s “Belt and Road” infrastructure initiative.
Pakistan has taken out billions of dollars in loans from China in recent years, the terms of which remain largely undisclosed. China has pledged a total of more than $60 billion to Pakistan in the form of loans and investments for roads, ports, power plants and industrial parks to build what is termed the “China-Pakistan Economic Corridor.”
Following Li’s meeting with Khan, Vice Foreign Minister Kong Xuanyou said the sides had “made it clear in principal that the Chinese government will provide necessary support and assistance to Pakistan in tiding over the current economic difficulties.
“As for the specific measures to be taken, the competent authorities of the two sides will have detailed discussions,” Kong told reporters. (AP)