July 22, 2024

Pakistan deputy PM to go to China on Monday for talks on commerce, financial cooperation

ISLAMABAD: Pakistan’s Deputy Prime Minister and Overseas Minister Ishaq Dar will depart for China subsequent week to carry essential discussions on bilateral commerce, cooperation and upgradation of multi-billion-dollar infrastructure hall, state-run media reported on Sunday. 

Beijing has been one in every of Islamabad’s most dependable overseas companions lately, readily offering monetary help to bail out its often-struggling neighbor. In July final yr, China granted Pakistan a two-year rollover on a $2.4 billion mortgage, giving the debt-saddled nation much-needed respiration house because it tackled a balance-of-payments disaster.

Dar will depart for Beijing on Monday for a four-day official journey throughout which he would additionally co-chair the fifth Pakistan-China Overseas Ministers’ Strategic Dialogue with Chinese language Overseas Minister Wang Yi.

“The 2 sides will comprehensively evaluation Pakistan-China bilateral relations together with financial and commerce cooperation, high-level exchanges and visits; upgradation of China-Pakistan Financial Hall and future connectivity initiatives,” the state-run Radio Pakistan mentioned. 

China has invested over $65 billion in power and infrastructure tasks as a part of the China-Pakistan Financial Hall (CPEC). The venture is a part of President Xi Jinping’s formidable Belt and Street Initiative. CPEC is designed to offer China with a shorter and safer buying and selling path to the Center East and past by Pakistan. 

Since its initiation in 2013, CPEC has seen tens of billions of {dollars} funneled into huge transport, power and infrastructure tasks. However the endeavor has additionally been hit by Pakistan struggling to maintain up its monetary obligations in addition to assaults on Chinese language targets by militants.

“They may also change views on the unfolding regional geopolitical panorama and bilateral cooperation on the multilateral fora,” the state-run media reported. 

Overseas Workplace Spokesperson Mumtaz Zahra Baloch mentioned Dar’s go to to the nation displays the significance the 2 nations connect to deepening their “All-Climate Strategic Cooperative Partnership.”

Dar’s go to to China takes place within the backdrop of Pakistan’s strikes to hunt overseas funding from its allies because it tries to navigate an financial disaster that has seen its reserves dip to low ranges and its forex weaken towards the greenback. 

Islamabad has seen visits by diplomatic and enterprise delegations from Saudi Arabia, Japan and Uzbekistan in latest weeks. Prime Minister Shehbaz Sharif has vowed to make sure an enabling enterprise setting in Pakistan for overseas buyers and merchants.