AIIB president meets PM Imran, announces to invest in CPEC projects

Share
AIIB president meets PM Imran, announces to invest in CPEC projects

Pakistan already has close financial ties with China, having benefited from massive investments in ports and coal plants under China's Belt & Road Initiative.

Xi told Khan that he highly valued the two country's relations, reaffirming they were "all-weather" friends.

PM Imran will also meet the president of the Infrastructure Investment Bank Jin Liqun and Minister for International Department of the Central Committee Song Tao.

The federal minister spoke to media about the ongoing visit of Prime Minister Imran Khan to China, where he met with Chinese President Xi Jinping.

"The Chinese side will continue to provide support and help to the best of its ability for Pakistan's economic and social development and national construction", China's foreign ministry cited Wang as saying.

He said Pakistan faced a deficit of $27 billion which included $9 billion debt repayment this year. "But I would like to say that the CPEC has nothing to do with the territorial dispute and will not influence China's stance on Kashmir", Lu told reporters at a press briefing.

Pakistan's foreign reserves have plunged 42 per cent since the start of the year and now stand at about $8 billion, or less than two months of import cover.

Khan's visit evoked considerable interest here as it comes in the wake of his past criticism of the Dollars 50 billion China-Pakistan Economic Corridor (CPEC) projects and remarks by his ministers to cut down some of the projects over debt concern.

Islamabad's worries were exacerbated when the United States insisted that any bailout funds provided by the International Monetary Fund must not be used to pay off Chinese lenders.

Khan is accompanied by foreign minister Shah Mehmood Qureshi, finance minister Umar, Advisor on Commerce and Trade Abdul Razzak Dawood, railways minister Sheikh Rasheed among others.

An IMF delegation is due to visit China next week and the Khan government wants to minimise the bailout package it seeks from the worldwide lender.

The Prime Minister, who left on a four-day official visit to China said that low crime was easy to check but tackling white collar crime needed speciality and expertise which Pakistan was struggling. The trip "is significant for President Xi Jinping, whose flagship BRI has had hiccups in recent months".

China also agreed to address his concern that the CPEC projects were mainly benefitting the dominant Punjab region and the new projects will focus on the western region of Balochistan and Khyber-Pakhtunkhwa.

In an interview to the Chinese state-run media ahead of his visit, Khan said the CPEC has given Pakistan a great opportunity to bring in foreign investment and to get out of the hard economic situation it is facing.

Khan, who arrived in Beijing on Thursday evening for a five-day visit - his first to the city since his election victory in August - said before he left that he wanted to learn more from China, which is not only Pakistan's strategic partner but also its biggest foreign investor and aid donor.

Share

Advertisement

Related Posts

Japan Airlines pilot 10 times over legal alcohol limit
From Haneda, it takes about 12 hours and 30 minutes to fly to London, but 11 hours and 45 minutes for the return flight. His aircraft - a Boeing 777, which holds up to 244 passengers - was delayed by more than an hour after his arrest.

Novak Djokovic reacts to replacing Rafael Nadal as world number one
Khachanov booked a quarterfinal encounter with No 4 seed Alexander Zverev , who got past Diego Schwartzman 6-4, 6-2. Federer, who won his 99th career title at the Swiss Indoors last Sunday, will next face 13th-seeded Fabio Fognini .

Shares soar as Trump hints at possible US-China trade deal
A key point of contention for the US has been its allegations that China has engaged in widespread intellectual property theft . Xi was quoted by CCTV as saying after the call with Trump that the two leaders had hoped to expand trade cooperation.

Gunmen kill seven on bus bound for Egyptian monastery: archbishop
IS killed more than 40 people in twin church bombings in April 2017 and a month later shot dead 28 Christians in Minya province. Initially, a spokesman for the Coptic Church, Boulis Halim, said that at least seven were killed and 14 injured in the attack.

Alec Baldwin Arrested After Alleged Punch During Parking Spot Dispute
He was arrested for disorderly conduct in 2014 and was acquitted following an alleged scuffle with a photographer in the 1990s. Last year, the actor bought another apartment on the building's 12th floor, shelling out 1.3 million dollars.

Husband, wife died in Yosemite fall while taking a selfie
During their trip, Moorthy posted a photo to Instagram with her back to the camera, sitting on a ledge and gazing at a sunset. A report in Fox News cited Viswanath's brother Jishnu Viswanath as saying that they were apparently taking a selfie.

'Gladiator' Sequel Moving Forward With Ridley Scott Directing
The new film will centre upon Spencer Treat Clark's Lucius character, the child of Connie Nielsen's Lucilla in the original. Filmmaker Ridley Scott is working on a sequel to his 2000 Oscar-scooping smash Gladiator,Deadline reports .

Woman fought with driver, causing bus to fall in China river
Police say a brawl between a passenger and a bus driver was the cause of the bus plunging off a bridge in southwestern China . A video retrieved from the black box of the bus shows a passenger scuffling with the driver just moments before the crash.

Oversupply Concerns Weighing on Prices, US-China Deal is Wildcard
U.S. crude oil inventories rose by 3.2 mln bbl in the week ended Oct 26, the Energy Information Administration said in its report. Brent crude LCOc1 futures dropped $1.76 to $75.58 a barrel, a 2.3 percent decline, by 1:15 p.m.

WWE Crown Jewel results, live updates, matches, card, predictions
The event, now airing on the WWE Network, marks Hogan's first appearance on WWE TV since the Summer of 2015. Triple H made an official announcement of the match on the first RAW after the WWE Super Show-Down.

© 2015 ExpressNewsline. All Rights reserved.