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Prime Minister Imran Khan and Chinese Premier Li Keqiang Agree to "Move Steadily Forward" in Pakistan's Infrastructure Projects
-Vice FM declares that China will provide economic assistance to Pakistan but that further discussions will take place to settle the details, without changing the number of CPEC projects.
– Pakistan and China sign 15 agreements and memoranda of understanding on economic and technical cooperation, agriculture, poverty alleviation, science and technology, and so on.
BEIJING: China announced on Saturday that the number of projects under the China-Pakistan Economic Corridor (CPEC) would remain unchanged, with Beijing agreeing to provide economic assistance to Islamabad to help it overcome its financial difficulties.
The two countries agreed to "move forward resolutely" various infrastructure projects in Pakistan following a meeting between Prime Minister Imran Khan and his Chinese counterpart, Li Keqiang.
The agreement follows fears that the growing financial crisis in Islamabad could cause Beijing to reduce its projects in the country, where it contributes to the construction of a multi-billion dollar CPEC.
This project is at the heart of Chinese 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, Belt-and-Road projects have been criticized for their opaque loan conditions, with some arguing that Beijing's largesse could worsen Islamabad's fiscal dilemma.
Pakistan and China, however, 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's on the floor. And this has drawn the imagination of the Pakistani people, "he said.
"We believe this is an excellent opportunity for our country to move forward and attract investment. This gives us the opportunity to increase our standard of living, our growth rate. "
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."
The Chinese Premier congratulated Prime Minister Khan on his successful election as Prime Minister and expressed his desire to work closely with him to further strengthen the "All-Weather Strategic Cooperation Partnership" for a shared future.
Sharing his vision of "Naya Pakistan", the prime minister congratulated Prime Minister Li for his success in fighting corruption, poverty reduction and China's modernization based on innovation and technology. l & # 39; information.
The two leaders also witnessed the signing of a number of agreements and memoranda of understanding in the areas of economic and technical cooperation, agriculture, the reduction of poverty, science and technology, innovation and the fight against drug trafficking. Parallel to the creation of a Joint Research Center on Earth Sciences, a joint working group on social affairs and livelihoods.
The two countries also signed letters on the strategic dialogue mechanism of foreign ministers to plan and coordinate cooperation in various fields.
Prime Minister Imran Khan and Chinese Premier Li Keqiang attended the signing ceremony while foreign ministers from both countries and relevant ministers as well as senior officials from two countries signed the agreements and letters.
BAILOUT CONFIRMED:
Later, Chinese Vice Foreign Minister Kong Xuanyou told reporters that China would provide economic assistance to Pakistan, but talks will be held to settle the details.
"During the visit, the two sides made it clear in principle that the Chinese government would provide the necessary support and assistance to Pakistan to cope with the current economic difficulties," said Kong, adding that "with regard to is specific measures to take the competent authorities of the two sides will have in-depth discussions.
Pakistan's foreign exchange reserves have plunged 42 percent since the beginning of the year and now stand at about $ 8 billion, less than two months of import cover.
Last month, Pakistan received a $ 6 billion rescue package from Saudi Arabia, but officials said it was not enough and that the country is still considering seeking a rescue from the International Monetary Fund ( IMF) to avoid a balance of payments crisis.
This would be the 13th Pakistan bailout by the multilateral lender since the late 1980s.
Although China is Pakistan's closest ally, Khan's newly elected government has tried to rethink the two-nation flagship project, the $ 60 billion Sino-Pakistani economic corridor, Beijing calls it a flagship infrastructure program in its huge belt and roads. Initiative.
Pakistan has sought to modify the CPEC in order to put more emphasis on social development projects rather than infrastructure projects.
Kong said the number of CPEC projects would not be changed.
"There is no change at all. If there were, it would only increase, not reduce, the number of projects, he added.
However, the scope of the project would increase and promote the livelihoods of the people, added Kong, without further details.
The Chinese official said that he believed that all these activities and the number of agreements signed between the two countries showed that it was a smooth and fruitful visit to the country. Prime Minister Imran Khan in China.
After his visit to Beijing, Prime Minister Khan is expected to be one of the main speakers at a major import fair in Shanghai, an event that China hopes to show the world: the country welcomes foreign companies and their products.
