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

Ullal: Auto-rickshaw accident near Konaje claims driver’s life

Congress victory in bypolls not a clean chit to CM in MUDA case: R Ashoka

IPL 2025 | Got someone who can do captaincy job: Ricky Ponting on Shreyas Iyer

Bad timing: Fraudsters call senior Indore cop during press briefing to pull off ‘digital arrest’

Kangana says MVA lost in Maharashtra because it disrespected women

Ranbir Kapoor says he would love to remake grandfather Raj Kapoor’s ‘Shree 420’

I played with fearless mindset, took brave decisions: Yashasvi Jaiswal

Related Articles More

COP29: India rejects new USD 300 billion climate finance deal

Royal tour of India in offing for King Charles, Queen Camilla: Report

Indian-American leaders applaud PM Modi for inclusive growth in India

COP29: Civil society protests climate finance proposal, calls for ‘no deal’ over ‘bad deal’

Bomb disposal squad tackles ‘security incident’ at UK’s Gatwick Airport

MUST WATCH

Coconut Flower

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing

DK Shivakumar


Latest Additions

No one has right to break law: BJP on Sambhal violence

Ullal: Auto-rickshaw accident near Konaje claims driver’s life

Congress victory in bypolls not a clean chit to CM in MUDA case: R Ashoka

IPL 2025 | Got someone who can do captaincy job: Ricky Ponting on Shreyas Iyer

Will review INDI alliance’s dismal performance in Maharashtra, says Tejashwi Yadav

Thanks for visiting Udayavani

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