Chinese Vice President Pang Chungsu on Tuesday assured Finance and Revenue Minister Ishaq Dar of his government’s continued support for Pakistan.
Highlighting the deep historical ties between the two countries, Dar appreciated China’s support for Pakistan and stressed the need to deepen existing ties in the economic and trade as well as financial sectors.
Chinxu congratulated the federal minister on Eid-ul-Fitr and appreciated the friendly relations between the two countries.
Both sides discussed bilateral relations and ways to enhance existing cooperation in various fields.
The meeting comes as Pakistan struggles to reach a staff-level agreement with the International Monetary Fund (IMF) to revive a stalled debt program that the country desperately needs to avoid the risk of default. Is.
The government has been in talks with the Washington-based lender since late January to release a $1.1 billion loan tranche that has been on hold since November, part of a $6.5 billion Extended Fund Facility (EFF) due in 2019. I was agreed.
The IMF had asked Pakistan to ensure that its balance of payments deficit was financed before an agreement was reached.
In this regard, China raised more than $2 billion in recent weeks and refinanced another $1.3 billion.
Separately, China has provided $54.93 million in loans and grants to Pakistan during the current fiscal year, according to the “Disbursement Report March 2022” published by the Economic Affairs Division last week.
A day ago, Interior Minister Rana Sanaullah said that the agreement with the IMF will be concluded next week.
