Tuesday June 14, 2022

Pakistan to Get Over $2bn From China at Reduce Rate


ISLAMABAD: In the latest communication, China has offered a rollover of $2 bn to Pakistan at a reduced rate with a resolve of standing with it during these difficult times with greater resolve and more proactively.

In a diplomatic communication received by the Foreign Office last Friday through Pakistan’s ambassador in China, the Pakistani government is also told that the Chinese government plans to enhance and broaden their economic and strategic ties with Pakistan.

The Chinese leadership, it is said, has assured Prime Minister Shehbaz Sharif that they will not merely continue to stand with the people of Pakistan but will do so more proactively and with greater resolve as they (Chinese leadership) are excited about working with the incumbent premier.

In order to help Pakistan meet its economic challenges, the China has confirmed to roll over the two billion dollars loan. It is doing so at a reduced interest rate, which is lower than even to the loan that China has given to its other close friends. According to the diplomatic communication, the Chinese leadership is more comfortable working with Shehbaz Sharif because of their past experience when Shehbaz was the chief minister Punjab.

While the Pakistani government is busy meeting tough pre-conditions of the IMF to get the much-needed bailout, the source expects that once the IMF deal is done, Pakistan’s friends including China would do more than expectations. The source, who is privy to top-level interactions with the friendly countries, shows the confidence that Saudi Arabia and the UAE are also eager to help Pakistan. Much is, however, linked with the IMF deal.

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