China says willing to help Pakistan over fiscal crisis, ‘more talks needed’

Last Modified Sunday, 4 November 2018 (11:29 IST)
Beijing: is willing to provide with economic aid to help it deal with its deteriorating finances but more discussions are needed on the details, according to Vice Foreign Minister Kong Xuanyou.
The comments came on Saturday after a meeting between Chinese Prime Minister and Pakistan Prime Minister Imran Khan, Khaleej Times reported.
“During the visit, the two sides have made it clear in principle that the Chinese government will provide necessary support and assistance to Pakistan in tiding over the current economic difficulties,” Kong said.
Pakistan’s foreign reserves have plunged 42 percent since the start of the year and now stand at about eight billion dollars, or less than two months of import cover.
Pakistan has taken out billions of dollars in loans from China in recent years, the terms of which remain largely undisclosed.
China has pledged a total of more than Dollar 60 billion to Pakistan in the form of loans and investments for roads, ports, power plants and industrial parks to build what is termed the “China-Pakistan Economic Corridor.”
Speaking to reporters in Beijing’s Great Hall of the People following Khan’s talks with Li, Kong said his country would help.
“As for specific measures to be taken, the relevant authorities of the two sides will have detailed discussions,” he added. (UNI)