Pakistan likely to get huge economic package from China: Fawad Chaudhry

ISLAMABAD: Federal Information Minister Fawad Chaudhry said on Friday that Pakistan is likely to get a huge economic assistance package from China.

The federal minister spoke to media about the ongoing visit of Prime Minister Imran Khan to China, where he met with Chinese President Xi Jinping.

In the meeting, the two sides discussed strengthening of bilateral relations and matters of mutual regional and international interests, including the China-Pakistan Economic Corridor (CPEC) project. They also reviewed all the aspects of Pakistan-China strategic partnership.

“The nation will receive a good news soon,” he said, adding that the economic package will help alleviate Pakistan’s fiscal crisis.

Fawad Chaudhry said that PM Imran’s meeting with the Chinese president was successful.

Imran Khan, who is on his first official visit to China after assuming charge as Pakistan’s prime minister, met Chinese President Jinping in Beijing today.

“My party has only been in power for two months. Unfortunately we have inherited a very difficult economic situation,” PM Imran said, as quoted by Reuters.

“Countries go in cycles. They have their high points, they have their low points. Unfortunately, our country is going through a low point at the moment with two very big deficits, a fiscal deficit and a current account deficit. And so we, as I’ve said, have come to learn.”

President Xi told the Pakistani premier that he highly valued the two countries' relations, reaffirming they were “all-weather” friends.

“I attach great importance to China-Pakistan relations and am willing to work together with the prime minister to strengthen the China-Pakistan all-weather strategic partnership and build a new era of China-Pakistan destiny,” Xi said.

Pakistan is expected to receive $6 billion economic package from China during PM Imran's visit, the sources said. A loan of $1.5 billion and a grant of $1.5 billion are expected to be offered, along with an additional package of $3 billion for CPEC.

$1.5 billion are expected to be deposited in the State Bank of Pakistan, while Pakistan Railways may also be included in the package.