Foreign Secretary rushes to China amid worsening economic situation

Foreign Secretary of Pakistan Dr. Asad Majeed Khan on Thursday rushed to China and is scheduled to meet with his Chinese counterpart to discuss deepening their bilateral strategic alliance.

According to the media reports, the foreign secretary would meet with Chinese officials to address Pakistan’s financial difficulties as well as other issues of mutual importance.

The secretary is also scheduled to meet with the Foreign Minister of China Qin Gang today to explore measures to further solidify bilateral ties.

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

As per reports, Pakistan now needs urgent economic aid to prevent a financial collapse as its economic problems worsen.

Earlier, a Chinese bank promised Pakistan that it will offer another refinanced $500 million loan within a short period. 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 financing of commercial loans during the duration of the program, which is set to end in June 2023.