Foreign Secretary Arrives In China As Financial Woes Soar

Foreign Secretary Arrives In China As Financial Woes Soar
Pakistan's Foreign Secretary Dr Asad Majeed Khan has arrived in China to hold talks with his Chinese counterpart about deepening the bilateral strategic alliance.

According to the sources, Foreign Secretary Dr Asad Majeed Khan would meet with Chinese officials to discuss Pakistan's financial difficulties as well as other matters of mutual interest.

Sources said that the foreign secretary will meet with Qin Gang, the Foreign Minister of China, on Friday to explore measures to further solidify the bilateral ties.

Moreover, Foreign Secretary Dr Asad Majeed Khan and the Vice Foreign Minister of China, Sun Weidong, would co-chair political talks between Pakistan and China.

Pakistan now needs urgent economic aid to prevent a financial collapse as its economic problems have gotten worse. As was previously reported, a Chinese bank had promised Pakistan that it would offer another refinanced $500 million loan within a short period of time. Out of the total $2 billion promised, the Chinese loan would amount to $1.7 billion.

One of the requirements of the International Monetary Fund (IMF) was that Pakistan gets the rollover of Chinese deposits as well as the refinancing of commercial loans during the duration of the program, which is set to end in June 2023.

The forthcoming Belt and Road Initiative (BRI) conference, which is slated to take place in the fall, will be attended by Foreign Minister Bilawal Bhutto Zardari, he also made this announcement on Thursday while speaking with the state broadcaster China Global Television Network (CGTN).

Foreign Minister Bilawal Bhutto Zardari said, "Surely, we'll attend the BRI summit. Pakistan has the China-Pakistan Economic Corridor, which has advanced significantly over time. I am looking forward to taking part in this summit and sharing with the world what we have accomplished thus far and what we hope to do together in the future."