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Chinese ambassador calls on Pak Finance Minister to discuss bilateral cooperation, CPEC

ANI  |  Asia 

Chinese on Tuesday called on to discuss bilateral cooperation along with the ongoing projects under the China-Economic Corridor (CPEC).

During the meeting, Asad briefed the Chinese on the measures taken by the government for creating a conducive environment for foreign investments, The Express Tribune reported.

Asad stressed that is a reliable friend and its support is essential for the socio-economic development of

Chinese and investors would also benefit from the current environment by investing in various sectors of Pakistan, particularly agriculture, housing, health, education and energy, the added.

The meeting comes amid reports that the (IMF) has delayed a multi-billion bailout package to Pakistan arguing that the debt-ridden country could probably use the aid to repay its Chinese debt.

Government officials on Monday told The Dawn that the global money lender has sought details on the CPEC projects, and demanded a written guarantee that it will not use the aid to repay Chinese loans.

In addition, the IMF also demanded details of more than USD 6.5 billion of commercial loans which Pakistan had received from in the past two and a half years. In July, also deposited USD two billion with the

Last week, three US lawmakers urged the to oppose the proposed multi-billion bailout package arguing that the country could probably use the aid to repay its Chinese debt.

An IMF staff mission would be visiting by the end of this month to conclude various technical tables that would then be shared with the

Pakistan is seeking USD eight billion from the IMF to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's If the deal is concluded, this would be the 14th IMF aid package for Pakistan.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 17 2019. 15:03 IST