PM Shehbaz hails China for supporting Pakistan during tough economic times

• PM says China is extending all-out support to Pakistan during challenging times.
  
• PM Shehbaz emphasises the need for getting rid of foreign loans.
• Says non-partisan economic and foreign policies needed to deal with crisis. 

Prime Minister Shehbaz Sharif appreciated China for extending all-out support to Pakistan during challenging economic times and expressed resolve to steer the country of crisis.

“China is fully supporting Pakistan and $1 billion have been received from China,” the premier said while addressing the PM’s National Innovation Awards ceremony in Islamabad on Monday.

In a major boost to the forex reserves, China announced refinancing $1 billion loan in Pakistan, the State Bank of Pakistan (SBP) confirmed late on Friday.

The news of the refinancing came after Finance Minister Ishaq Dar informed the National Assembly's Standing Committee on Finance and Revenue on Friday that China would be refinancing the $1 billion loan it had given to Pakistan earlier.

“$1 billion will come from China today or on Monday,” Dar had told the lawmakers. He also said that talks are ongoing with the Bank of China for a loan of $300 million. He added that Pakistan would also receive dollars under China's swap agreement.

Speaking at the ceremony earlier today, the prime minister also praised Saudi Arabia, Qatar and UAE for helping Pakistan in the challenging times.

PM Shehbaz emphasised the need for getting rid of foreign loans saying the friendly countries also urged Pakistan to use foreign loans efficiently to fully utilise the potential of natural resources.

The prime minister said Pakistan has been “blessed” with natural resources and it has capacity to become self-sufficient.

“We will come out of the economic and financial challenges,” the premier said.

He also proposed non-partisan agenda to lift the country out of crisis saying that all stakeholders including opposition parties needed to agree on the economic and foreign policy agenda to ensure continuation of the policies.