Xi meets Pakistani prime minister

Xi meets Pakistani prime minister

Federal Minister for Information and Broadcasting Fawad Chaudhry on Friday said that Pakistan likely to receive a huge financial package from China.

India has also been protesting the China-Pakistan Economic Corridor (CPEC) project, which is a slew of infrastructure projects that are now underway through Pakistan.

He said with Pak-China trade balance now in favor of China, Pakistan wanted to get help from China for pushing the country's exports and address its one of the main problems of the current account deficit.

China has repeatedly said that the Indian-Pakistani territorial dispute had to be settled through dialogue between the two sides.

"Khan has posited that Chinese and Saudi financial assistance will reduce the amount Pakistan needs to borrow from the International Monetary Fund, mitigating Pakistan's susceptibility to the U.S. demands that its CPEC debt be transparent".

Talking to the AIIB president, PM Imran Khan said as a founding member of the AIIB, Pakistan fully supports the bank's mission, adding that the AIIB had achieved good results in a short span of time since and was financing developmental projects in Pakistan.

This is the second Dollars 6 billion package which Khan has managed to obtain in the last few weeks as Pakistan reeled under severe financial crisis.

China promised to support Pakistan's economy on Friday as new Pakistani Prime Minister Imran Khan told of his country's "very difficult" economic situation amid a burgeoning financial crisis.

Pakistan has already approached the IMF but is concerned about the stringent conditions the worldwide lender may impose specially to scrutinise the CPEC projects.

Responding to the development, External Affairs Ministry spokesperson Ravesh Kumar said it has been India's consistent position that the so-called China-Pakistan "Boundary Agreement" of 1963 is illegal and Government of India does not recognise it.

Though China is Pakistan's closest ally, the government has sought to re-think trade corridor CPEC.

He said Pakistan faced a deficit of United States dollars 27 billion which included USD 9 billion debt repayment this year.

It is also seeking fresh loans from Saudi Arabia and China, discussion of which is expected to dominate Khan's visit.

The premier is accompanied by Bakhtiar, Foreign Minister Shah Mahmood Qureshi, Finance Minister Asad Umar, Railways Minister Sheikh Rashid Ahmed, Adviser to the Prime Minister on Commerce, Industry and Investment Abdul Razzak Dawood, and Chief Minister of Balochistan Jam Mir Kamal on his trip to China.

"China-Pakistan cooperation not only benefits both peoples but also contributes to regional and world peace, stability and development", Xi said.

The statements evoked serious concerns in China as the CPEC is the flagship project of President Xi's pet multi-billion BRI.

The Pakistan prime minister's office said later that Xi had accepted an invitation to visit to the country.

They also reiterated their steadfast commitment to strategic partnership and underscored taking it to new heights.

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