China pledges extra help to cash-strapped Pakistan after $9 billion bailout bundle

As the Pakistan authorities tries to regular the nation’s weak financial system, China stated it would proceed to assist the cash-strapped nation stabilise its monetary state of affairs.

New Delhi,UPDATED: Nov 7, 2022 22:31 IST

Pakistan’s Prime Minister Shehbaz Sharif not too long ago met Chinese President Xi Jinping in Beijing (Reuters picture)

By India Today Web Desk: Chinese Foreign Ministry spokesman Zhao Lijian addressed the media in Beijing on Monday and stated, “China has done its utmost to help Pakistan stabilise its financial situation. We have been doing so, and we will continue to do so.” Zhao’s assertion comes days after Pakistan’s Finance Minister Ishaq Dar stated China supplied a USD 9 billion bailout bundle to the cash-strapped nation.

Pakistan may also obtain about USD 4 billion from Saudi Arabia as the federal government tries to regular the nation’s weak financial system.

Dar additionally stated Chinese President Xi Jinping in his assembly with Pakistan Prime Minister Shehbaz Sharif throughout his latest go to to Beijing on November 3 had assured him, “Don’t worry, we will not let you down”.

During Sharif’s go to to Beijing, Xi Jinping promised to offer round USD 4 billion in sovereign loans, refinance USD 3.3 billion of economic financial institution loans and enhance forex swaps by about USD 1.45 billion.

ALSO READ | Deeply involved about safety of Chinese nationals in Pakistan: Xi tells Sharif

PAKISTAN’S DEBT

According to a report by PTI, Pakistan owes the Paris Club international locations a mixed sum of round USD 10.7 billion. The Paris Club is a gaggle of officers from main creditor nations whose position is to search out coordinated and sustainable options to the fee difficulties skilled by debtor international locations.

According to the International Monetary Fund (IMF), Pakistan’s complete non-Paris Club bilateral debt presently stands at about USD 27 billion, out of which its Chinese debt is about USD 23 billion.

Pakistan is presently within the midst of political turmoil after its former prime minister Imran Khan was shot within the legs at a political rally in Wazirabad on November 3. Two gunmen fired a volley of bullets whereas he was main a protest march towards the Shehbaz Sharif authorities.

The Pakistan Tehreek-e-Insaf (PTI) get together chief was handled on the Shaukat Khanum Hospital in Lahore and was discharged on Sunday.

ALSO READ | What’s the logic? Imran Khan questions Pak Army equating criticism of navy official with forces

Published On:

Nov 7, 2022