ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif said on Friday he had written a letter to the Chinese govt requesting debt re-profiling for Pakistan in an apparent bid to secure the International Monetary Fund’s approval for a $7 billion economic bailout by next month.
Islamabad has also asked Beijing to change imported coal-based projects to ones using local coal and to re-profile over $15 billion in energy sector debts in order to create fiscal space due to challenges in making timely repayments.
“I have written a letter to China, it’s a matter in the public domain now, for debt re-profiling,” Sharif told his cabinet members at a meeting. Shehbaz informed them that Chinese President Xi Jinping had shown “keen interest in his idea” of using local coal. “I told the president that Thar coal (in Sindh province) could help the country cut down on imports and save $1 billion in foreign exchange,” the PM said.
A day earlier Sharif said during a meeting with a high-level Chinese delegation: “Pakistan is set to offer free visas to Chinese citizens, starting Aug 14, showing Islamabad’s commitment to Beijing.”
Speaking to the 12-member delegation, the PM said during his recent visit to China he had requested President Xi and Prime Minister Li Qiang to send experts to Pakistan.
“The goal is to model Pakistan’s economy after China’s. Today, these experts are here, and we’re confident that progress will follow soon,” Sharif added.
Pakistan is also in talks with Saudi Arabia and the United Arab Emirates to meet its gross financing needs under the IMF programme for which Islamabad needs board-level approval.
Rollovers or disbursements on loans from China, Saudi Arabia and UAE had helped Pakistan to meet its external financing needs in the past.
Islamabad has also asked Beijing to change imported coal-based projects to ones using local coal and to re-profile over $15 billion in energy sector debts in order to create fiscal space due to challenges in making timely repayments.
“I have written a letter to China, it’s a matter in the public domain now, for debt re-profiling,” Sharif told his cabinet members at a meeting. Shehbaz informed them that Chinese President Xi Jinping had shown “keen interest in his idea” of using local coal. “I told the president that Thar coal (in Sindh province) could help the country cut down on imports and save $1 billion in foreign exchange,” the PM said.
A day earlier Sharif said during a meeting with a high-level Chinese delegation: “Pakistan is set to offer free visas to Chinese citizens, starting Aug 14, showing Islamabad’s commitment to Beijing.”
Speaking to the 12-member delegation, the PM said during his recent visit to China he had requested President Xi and Prime Minister Li Qiang to send experts to Pakistan.
“The goal is to model Pakistan’s economy after China’s. Today, these experts are here, and we’re confident that progress will follow soon,” Sharif added.
Pakistan is also in talks with Saudi Arabia and the United Arab Emirates to meet its gross financing needs under the IMF programme for which Islamabad needs board-level approval.
Rollovers or disbursements on loans from China, Saudi Arabia and UAE had helped Pakistan to meet its external financing needs in the past.