China will provide Pakistan with a monetary guide, however, more talks will occur to settle the details, a senior Chinese negotiator stated after new Pakistani Prime Minister Imran Khan met Chinese Premier Li Keqiang on Saturday.
Pakistan’s foreign reserves have plunged 42 percent since the beginning of the year and now remain at about $8 billion, or under two months of import cover.
A month ago, Pakistan got a $6 billion rescue package from Saudi Arabia, yet authorities say it isn’t sufficient and the nation still intends to look for a bailout from the International Monetary Fund (IMF) to turn away a parity of installments crisis.
It would be Pakistan´s 13th rescue package from the multilateral lender since the late 1980s.
Addressing the reporters in Beijing’s Great Hall of the People following Khan’s discussions with Li, Chinese Vice Foreign Minister Kong Xuanyou said his nation would help.
“During the visit, the two sides have made it clear in principle that the Chinese government will provide necessary support and assistance to Pakistan in tiding over the current economic difficulties,” Kong said.
Kong offered no data on the particular measure of help China will offer however says the sides made Beijing’s help “clear on a basic level.”
“As for specific measures to be taken, the relevant authorities of the two sides will have detailed discussions,” he added, without giving any further details on the matter.
Khan revealed to Chinese President Xi Jinping the earlier day that he had acquired “a very difficult economic situation” at home.
Pakistan has hoped to change CPEC to put more prominent accentuation on tasks that emphasis on social improvement, instead of simply on the framework.
Kong said there would be no change in the number of projects under CPEC.
“There is no change at all. If there were, it would only be to increase, not decrease” the number of projects, he added.
However the extent of the venture would increment and will tilt for individuals’ jobs, Kong stated, likewise without elaborating.