LAHORE – China says it will support Pakistan’s economy with investment in multiple sectors and joint business ventures instead of direct loans to Islamabad.
These remarks come from Long Dingbin, the Chinese Consul-General (CCG) in Lahore, a month after Prime Minister Imran Khan made his maiden visit to China seeking assistance amid the prevailing financial crunches.
Following Khan’s visit, it was reported that Pakistan managed to secure $6 billion in economic aid to avoid unwanted pressure of the International Monetary Fund (IMF) for a new bailout package for the country.
On Nov 3, Finance Minister Asad Umar while briefing the media about the prime minister’s visit to Beijing had categorically stated that Pakistan’s balance of payment had crisis resolved as China had agreed in principle to extend an economic relief package.
https://en.dailypakistan.com.pk/headline/china-agrees-to-extend-economic-relief-package-to-pakistan-asad-umar/
In an exclusive interview with Geo News Sunday, the counsel general had said: “Instead of hard cash, China plans to eventually provide multiple forms of bailout packages [to Pakistan], in the shape of phenomenal investments in fresh projects, broadening the area of inclusive cooperation and tapping new avenues of collaboration under the China-Pakistan Economic Corridor.”
All of which, he added, would help “boost Pakistan’s economy and overcome its financial crunch.”
On asking, what exactly would this financial package look like, Dingbing explained that the scope of investment was broadened by signing 15 new agreements pertaining to cooperation in economic, politics, people-to-people contacts and others during PM Imran’s visit.
https://en.dailypakistan.com.pk/headline/multiple-agreements-inked-as-pm-imran-chinese-counterpart-hold-delegation-level-talks/
He said that this communiqué is a guideline to define new dimensions of strategic ties between both friendly states.
Rejecting an impression that CPEC would increase Pakistan’s debt burden, he said that among 22 projects of the multi-billion dollar deal only four are based on concessional loan. The remaining 18 are investment based, he added.
Talking about the recent attack on Chinese Consulate in Karachi, he praised the Pakistan security officials for foiling the terror bid. He hoped that donations are being collected to support the families of the martyred policemen.
https://en.dailypakistan.com.pk/headline/explosions-firing-heard-near-chinese-consulate-in-karachi/
He said that security around the Lahore consulate’s building had further been tightened. He said that a two-tier security mechanism had been developed in coordination with law enforcement agencies and the Punjab government to avoid any untoward situation.
Peng Zhengwu, the deputy consul general, who was also present during the interview, hailed the gallantry of the martyred police officials. Dinbing has donated 2,000 RMB while Zhengwu gave 1,000 RMB for the cause.
