Business

China agrred to roll over over $2bn at reduced rate

China agrred to roll over over $2bn at reduced rate

In a recent correspondence, China informed Pakistan that it will stand with it with stronger resolution and proactiveness during these difficult times, while giving a two-billion-dollar rollover at a significantly reduced rate.

The Pakistani government was also informed in a diplomatic message received by the Foreign Office last Friday through Pakistan’s ambassador in China that the Chinese government intends to strengthen and deepen its economic and strategic ties with Pakistan.

According to reports, the Chinese leadership has promised Prime Minister Shehbaz Sharif that they will not only continue to stand with Pakistan’s people, but will do so more proactively and with greater resolution, because they (the Chinese leadership) are looking forward to working with him.

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According to reports, the Chinese leadership has promised Prime Minister Shehbaz Sharif that they will not only continue to stand with Pakistan’s people, but will do so more proactively and with greater resolution, because they (the Chinese leadership) are looking forward to working with him.

According to news reports, the diplomatic communication also expressed Chinese leadership trust in Shehbaz Sharif’s ability to manage the issues now confronting Pakistan, owing to his “governance ideology.”

China has announced that the two billion dollar loan will be extended in order to assist Pakistan in meeting its economic issues. It is doing so at a lower interest rate than China has offered to its other close friends. According to diplomatic communication, the Chinese leadership prefers to cooperate with Shehbaz Sharif because of their previous experience with him when he was Punjab’s chief minister.

Sharif, oddly enough, was the one who was missing the “Shehbaz Speed.”

Shehbaz Sharif, the last PMLN government’s chief minister of Punjab, worked closely with the Chinese to complete massive economic projects in the electricity and energy sectors, as well as important transportation projects such as metros, in the shortest period feasible.

While the Pakistani government is focused on completing the IMF’s stringent pre-conditions in order to secure the much-needed bailout, the source believes that once the IMF deal is finalised, Pakistan’s allies, notably China, will go above and above. According to the source, who has access to top-level conversations with friendly countries, Saudi Arabia and the UAE are also keen to assist Pakistan. Much is, however, linked with the IMF deal.

The Pakistani government, which is struggling to meet the IMF’s terms, has been heartened by assistance and pledges from friendly countries. The government is anticipated to boost oil prices soon in order to remove the Imran Khan government’s subsidy. To terminate the oil subsidies, the government is poised to make the difficult decision of raising the price of petrol and diesel per litre by Rs27 and Rs55, respectively. It would be a significant step forward for the IMF agreement, which Pakistan is hoping to reach by June 30th.

RELATED: Dollar Price in Pakistan: Rupee plunges to 204 against USD

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Sibtain Ali is a Senior Editor Business at Pakistan Lounge and joined in October 2021. Formerly business editor at a renowned International News website

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