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China: Further talks on economic aid to Pakistan needed to be held
A senior Chinese diplomat said after Pakistan's new Prime Minister Imran Khan met with his Chinese counterpart Li Keqiang on Saturday that China would provide economic aid to Pakistan but more talks would be held to elaborate.
Pakistan's foreign exchange reserves have fallen 42 percent since the beginning of the year and currently amount to about $ 8 billion or less to cover the import of needs for two months.
Pakistan last month received a $ 6 billion bailout from Saudi Arabia, but officials said it was not enough, adding Pakistan was still planning to ask for an IMF bailout to avoid a balance-of-payments crisis.
It will be the 13th package Pakistan has received from the IMF since the late 1980s.
Chinese Vice Foreign Minister Kong Xuan Yu told reporters at the Great Hall of the People in Beijing after Khan's talks with Lee that his country would provide assistance.
"The two sides made it clear during the visit that the Chinese government will provide the necessary support and assistance to Pakistan to overcome the current economic difficulties," Kong said.
"With regard to specific actions to be taken, the competent authorities of the two countries will conduct detailed discussions." He gave no details.
Khan told Chinese President Xi Jinping on Friday he inherited a "very difficult economic situation" at home.
Although China is Pakistan's closest ally, Khan's government is seeking to rethink the $ 60 billion China-Pakistan economic corridor, which Beijing regards as the most important infrastructure project in the large-scale belt and road initiative.
Pakistan is demanding an adjustment of the economic corridor with a view to focusing more on social development, not just infrastructure.
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