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China has come to Pakistan’s rescue as IMF programme faces ‘inordinate delay’: PM Shehbaz

  • Remarks made during MoU signing ceremony of a 1,200MW Chashma 5 (C5) nuclear power project
Published June 20, 2023

Prime Minister Shehbaz Sharif on Tuesday lauded the role of China, saying that the neighbouring ally came to Pakistan’s rescue during the current economic situation of distress, as the ongoing International Monetary Fund (IMF) bailout programme remains delayed.

The remarks were made during a memorandum of understanding (MoU) signing ceremony of a 1,200MW Chashma 5 (C5) nuclear power project. The MoU was inked between the China National Nuclear Cooperation and Pakistan Atomic Energy Commission (PAEC).

“Of late, Pakistan is faced with economic challenges, and we are engaged with the IMF in trying to finalise the ninth review. The country has already met all terms and conditions required by the IMF.

“We thought this (the resumption of the programme) would have been done two months ago, three months ago, but there has been an inordinate delay. However, China once again came to our help and our rescue,” said the PM.

“Other than China, we have our great friends like Saudi Arabia, UAE and Qatar, who have been helping and supporting Pakistan. But at this juncture, Chinese financial support has been outstanding.

“We are deeply obliged to President Xi and the Chinese leadership,” he said.

Shehbaz praised his economic team including Finance Minister Ishaq Dar for striking agreements with the Chinese counterparts.

On the C5 project, the prime minister said that the MoU signing is a “great step forward of economic cooperation between China and Pakistan”.

“Hopefully, we will kick start it without further delay,” he said.

Shehbaz lauded Chinese financing to the tune of $4.8 billion in Pakistan in the current economic situation. “This reflects that our friendship is higher than the Himalayas, deeper than the deepest ocean, sweeter than honey and stronger than iron and steel,” he said.

The resumption of the IMF bailout programme has been deemed crucial for the cash-strapped economy, facing dwindling foreign exchange reserves which currently stand at $4 billion.

Last week, the State Bank of Pakistan (SBP) said that it has received $1 billion from China, an inflow that occurs after Islamabad repaid the amount earlier.

Comments

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Me Jun 20, 2023 12:11pm
I hope everyone realizes that the investments come in form of a loan and everything has to be paid back with interest!
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KhanRA Jun 20, 2023 12:19pm
China is our master, not our friend.IMF got sick of coming to rescue Pakistan and demanded basic reforms that Dar cried and said was unfair - rich to pay tax, parliamentarians to declare wealth, cut out subsidies we cannot afford.
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test Jun 20, 2023 12:56pm
In early 2000s China asked Musharraf to accept Chinese investments and align Pakistan with Chinese interests but Musharraf declined because he wanted to suck american dollars and wanted to create fake wars in the name of TTP and BLA which were created by the armed forces of Pakistan itself. Since Musharraf declined to align Pakistan with Chinese interests so those massive chinese investments went to Vietnam, Malaysia, Thailand, Indonesia. And now those countries are the financial powerhouses of ASEAN while Pakistan is a financially torned apart country of South Asia. Just check the difference between American and Chinese interests. American interests led to massive destruction of Pakistan while Chinese interests led to the rise of financial powerhouses of ASEAN. There is a common pattern from Liaquat to Ayub to Yahya to Bhutto to Musharraf to Zardari to Nawaz to Imran that they are all western puppet. Believe me if you can & if you don't want to believe then remain in your dellusions.
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Haq Jun 20, 2023 01:05pm
Pakistan already moved from IMF / US pro-western alliance to Chinese - Russian eastern alliance. Upcoming BRICS meeting Pakistan along-with some 20 countries are willing to join. Oil from Russia (paid in Yuan. LPG from Russia / Uzbekistan via Afghanistan. LNG from Azerbaijan are inductive of future course
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Raja Atif Azad Jun 20, 2023 01:32pm
USA is among those friends who enjoys your sinking , or you beg to knees for their kind support. It is better to face this tough time with sacrificing many unnecessary things to make our next generation stand on their feet's. Special alerts for our seasoned politicians , beaucaracy , military , business persons , moreover as society we need to avoid corruption , say no to bribe , work on industrial entablements etc. .
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Haris Jun 20, 2023 01:40pm
Now PTI followers will say that its bad to be on Chinese side. We should be on USA side. same usa jis ki "imported hukumat" hay. what a laughing stock these people are.
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Raja Atif Azad Jun 20, 2023 02:02pm
USA is among those friends who enjoys your sinking , or you beg to knees for their kind support. It is better to face this tough time with sacrificing many unnecessary things to make our next generation stand on their feet's. Special alerts for our seasoned politicians , beaucaracy , military , business persons , moreover as society we need to avoid corruption , say no to bribe , work on industrial entablements etc. .
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Ali Khizar Jun 20, 2023 02:26pm
Yup. Sucking it up to the China masters hoping for some sympathy,
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Boncr Jun 20, 2023 03:23pm
@Me, Whole life we depend on others. Everyone knows the role of our army
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Boncr Jun 20, 2023 03:26pm
@test, We believe that all our politicians and generals are involved in corruptions and making money in the name of Islam and Kashmir
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Yogesh (India) Jun 20, 2023 04:46pm
One day China will go bankrupt by pouring dollars in Pakistan but still Shahbaz will be sitting with 4 billions forex reserves.
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Khawar Nehal Jun 20, 2023 05:51pm
Great news. More power available for running the Indusry at reasonable rates. :-)
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Awami Jun 21, 2023 09:36pm
@KhanRA, Friend in need is friend indeed
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