The Chinese envoy has assured Finance Minister Ishaq Dar that they would continue to support neighboring Pakistan, which is still experiencing a balance of payments crisis.
The development came during a meeting between Pang Chunxue, Charge’d Affairs, Embassy of the People’s Republic of China, with Dar at the Finance Division on Tuesday.
As per the statement from the Ministry of Finance, Dar highlighted historical bilateral relations between China and Pakistan and commended Chinese support for Pakistan. He also underscored the need for further deepening relations in economic, trade and financial sectors.
“The Chinese envoy praised close and shared friendly relations between the two countries. She assured the Finance Minister of continuous support of the Chinese government to the people of Pakistan,” read the statement.
As Pakistan’s foreign exchange reserves remained at dangerously low levels, long-time ally China has been one of the country’s key funders.
China extended a $2 billion loan to Pakistan last month, giving respite during that country’s severe balance of payments problem. Pakistan received $1.3 billion from the Industrial and Commercial Bank of China Ltd (ICBC) this year, distributed across three disbursements.
At the end of February, the nation also received $700 million from the China Development Bank.
