The two also agreed to further build on the consensus reached during Prime Minister Shehbaz Sharif’s visit to Beijing in November 2022 to further advance comprehensive cooperation across diverse domains such as China-Pakistan Economic Corridor (CPEC), trade and investment, financial cooperation, socio-economic development, cultural exchanges, and people-to-people ties.
As the country’s economic crisis worsens, it was reported earlier that a Chinese bank had assured Pakistan of providing another refinanced $500 million loan within the next few days.
The total Chinese loan will go up to $1.7 billion out of the total committed amount of $2 billion.
This was one of the conditions of the International Monetary Fund (IMF) that Pakistan must secure the refinancing of commercial loans as well as a rollover on deposits from China during the programme period, which is scheduled to expire in June 2023.
On Thursday, while speaking with the state broadcaster China Global Television Network (CGTN), the foreign minister Bilawal Bhutto-Zardari also said that he would be attending the upcoming Belt and Road Initiative (BRI) summit – scheduled to take place in autumn.
Bilawal had said that “of course, we will [participate in the BRI summit]. Pakistan has the CPEC which has made immense progress over time, and I look forward to being able to participate in such a summit and share with the world what we’ve achieved so far, what we plan to achieve together going forward”.
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