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China has agreed to "push ahead" infrastructure projects in Pakistan, following a meeting between Pakistani Prime Minister Imran Khan and his Chinese counterpart Li Keqiang on Saturday, while the country's South Asia is seeking to stave off a financial crisis with the help and investment of the world's second largest economy.
The agreement follows fears that the growing financial crisis in Islamabad could cause Beijing to cut back on its projects in the country, where it is contributing to the construction of the China-Pakistan Economic Corridor (CPEC), which is now underway. worth several billion dollars, which aims to increase the links of energy and transport. between the western region of Xinjiang and the sea of Oman.
This project is at the heart of President Xi Jinping's Belt and Road Initiative, an ambitious global program in trade and infrastructure.
This colossal commitment has garnered praise and criticism from around the world, with some claiming that the initiative fills a critical funding gap in developing countries, while others fear that Chinese loans will be funded designed to trap their beneficiaries in debt.
In Pakistan, projects related to Belt-and-Road networks have been criticized for their opaque loan conditions, with some claiming that Beijing's largesse could worsen Islamabad's fiscal dilemma.
But Pakistan and China downplayed these concerns on Saturday, describing the program as a key element of Islamabad's stimulus package.
During his meeting with Li, Mr. Khan invited the Chinese Prime Minister to visit Pakistan and see for himself the difference that the megaproject brought to the country.
"The CPEC in 2013 was only an idea, now it is on the ground and it has drawn the imagination of the people of Pakistan," he said.
"We believe that it is an excellent opportunity for our country to move forward and attract investment, which also allows us to improve our standard of living and our rate of return. growth. "
Li praised the relationship and said "China and Pakistan are all-weather partners".
"Pakistan has always been considered a priority of foreign policy by China."
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At the end of their talks, the two leaders oversaw the signing of 16 cooperation agreements, said Kong Xuanyou, Chinese Vice Foreign Minister, who said the countries "will firmly pursue the CPEC process, while ensuring the smooth running of completed projects and continuing negotiations in progress. " projects."
The officials provided only a general list of the agreements, which appeared to be largely political and not economic.
Asked about future cooperation in infrastructure, Mr. Kong said "that there had been no change in the number of CPEC projects," adding that "there is no had to be a change, it would be an increase in the future ".
"The CPEC will be introduced in more parts of Pakistan and will also promote areas related to people's lives."
The meeting between Mr. Khan and Mr. Li follows talks with President Xi Jinping on Friday, when the former cricket star lamented his country's financial difficulties, saying the economy was "at a low point ".
Since taking office in August, Khan has asked for loans from "friendly" countries, such as Saudi Arabia, which has agreed to provide Pakistan with $ 6 billion in funding.
His government has also begun talks with the International Monetary Fund about a possible bailout plan while facing a balance of payments crisis and a current account deficit.
Pakistan has visited the IMF several times since the late 1980s.
The last time it was in 2013, when Islamabad got a $ 6.6 billion loan to deal with a similar crisis.
Pakistani Prime Minister Imran Khan and Chinese Premier Li Keqiang attend a signing ceremony at the Great Hall of the People in Beijing
