Pakistan received a welcome reassurance this week when China promised to help the South Asian nation tackle its foreign debt problems. According to Bloomberg, a recent speech by Chinese Council General Zhao Shiren emphasized China’s commitment to help Pakistan.
Highlighting China’s long-standing partnership with Pakistan, Shiren said it has never pushed for repayment and recently provided a $2 billion loan to strengthen Pakistan’s financial situation. This echoes comments from the Chinese ambassador, who acknowledged Pakistan’s economic struggles and pledged China’s “all possible support” to help them overcome these obstacles.
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The ambassador assured Pakistan of China’s continued assistance and said Beijing would provide all possible support to help Pakistan overcome its debt problems and achieve financial stability. He noted China’s support in increasing Pakistan’s exports to Saudi Arabia, UAE, and China, highlighting China’s recent approval of red chilies and beef imports from Pakistan. In addition, Zhao mentioned that China is providing technology for hybrid rice production and corporate farming, encouraging Pakistan to address its trade deficit.