As Pak Negotiates IMF Bailout, China Says More Corridor Projects Planned


Team Udayavani, Oct 17, 2018, 11:30 AM IST

Beijing: China on Tuesday said there will be more projects planned under the so-called China-Pakistan Economic Corridor or CPEC project amid concerns over Pakistan’s rising debt and a bailout move by the global lender IMF.

Cash-strapped Pakistan has approached the International Monetary Fund for a bailout package as it faces a serious economic crisis.

Chinese Foreign Ministry spokesman Lu Kang today said there will be more projects under the $60 billion CPEC project a day after he said the CPEC debt liabilities were low. He said China-Pakistan ties will make new headway under the new government led by Prime Minister Imran Khan.

“China and Pakistan are all-weather strategic partners. In recent years, our bilateral relations are operating at a high level,” Lu said, replying to question about the high-level visits planned between the two countries. “Going forward, we expect more high-level important exchanges and there will be more projects in the CPEC and practical cooperation in various fields,” he said.

Mr Khan is expected to visit Beijing on November 3 for talks with Chinese President Xi Jinping and other top leaders.

After the new government took over in Pakistan, China has agreed to extend the CPEC projects to Balochistan province to address criticism that only the dominant Punjab province grabbed most of Chinese investments.

On Monday, while reacting to the move by Pakistan to approach IMF, Lu said China wants an “objective and professional” evaluation of the loans. The measures to be worked out by IMF should not affect the China-Pakistan relations, he said.

An IMF team is scheduled to arrive in Pakistan on November 7 to negotiate the programme, likely to span over a three-year period, Pakistan’s Finance Minister Asad Umar said on Sunday after meeting IMF Managing Director Christine Lagarde in Indonesia. He said Pakistan’s current year debt repayments were about $9 billion.

Pakistan has already announced plans to reduce a $8.2 billion railway project between Karachi and Peshawar — the biggest under the CPEC — by $2 billion to cut debt burden.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

BCCI vs PCB spar on CT venue as Naqvi denies receiving any official note from Indian board

After Yogi’s ‘batenge, katenge’ slogan, PM pitches for unity with ‘Ek hai, toh safe hai’ message

“Coming soon.. 2025”: KL Rahul and Athiya Shetty announce first pregnancy

Mangaluru: Unauthorized bus stops at signals fuel traffic woes and safety concerns

SC notice to Karnataka, DK Shivakumar on CBI plea against withdrawal of consent by state govt

Will remain active in politics till my last breath: JD(S) patriarch & ex-PM Deve Gowda

BJP calls Congress govt ‘laughing stock’ as ‘samosa politics’ heats up in Himachal

Related Articles More

‘America of your dreams calling’: Biden to Democratic supporters

Indian consulate in Canada cancels consular camps due over security issues

Hindu temple in Brampton suspends priest for spreading ‘violent rhetoric’

President Xi congratulates Trump; says China, US should find ‘right way’ to manage differences

Harris, Trump agree on importance of unifying country as they speak over phone

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

BCCI vs PCB spar on CT venue as Naqvi denies receiving any official note from Indian board

Use Carnatic music to promote Kannada language: Nirmala Sitharaman

Udupi: Car collides with bike; Rider injured

UP women’s body proposes men shouldn’t tailor women’s clothes or cut their hair

NSE, BSE to be closed on Nov 20 for Maharashtra assembly polls

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.