China to provide bailout packages, Not loans – Chinese official.
The bailout packages from China to help Pakistan in economic recovery.
- Beijing will be investing in Pakistan with bailout packages
- It will not be loaned.
- It will be launching business ventures.
- They will be in the shape of phenomenal investments in fresh projects.
Instead of hard cash, China plans to eventually provide multiple forms of bailout packages to Pakistan.
What will these bailout packages do?
- These bailout packages will help Pakistan in broadening the area of inclusive cooperation.
- The bailing out will be tapping new avenues of collaboration under the China-Pakistan Economic Corridor.
- It will help to boost Pakistan’s economy and overcome its financial crunch.
On Sunday, during an interview in Lahore, the Consul General Dingbin said that during PM Imran Khan’s recent trip to China, the two neighbors had signed 15 new agreements.
He said that these agreements will lead to increased cooperation in politics and the financial sector and will also improve cultural ties.
“Instead of hard cash, China plans to eventually provide multiple forms of bailout packages to Pakistan in the shape of phenomenal investments in fresh projects,” he said.
He also claimed that China will never leave Pakistan in the lurch and would channelize maximum resources to strengthen its languishing economy.
Talking about CPEC:
The Chinese Counsel told that the new ventures that were being launched would broaden the scope of the China-Pakistan Economic Corridor (CPEC).
In response to a question about Pakistan’s crippling debts, Dingbin insisted that CPEC did not contribute to Pakistan’s debt burden.
He said that only four of the 22 projects launched under CPEC provided concessional loans, while the rest were investment-based and would strengthen Pakistan’s economy.
“The rest of 18 is investment-based and the CPEC projects do not increase Pakistan’s debt burden.”
On the contrary, he said, these projects would unleash their economic benefits and turnaround Pakistan’s economy.
Chinese Consulate Attack:
Dingbin said that following the attack on the consulate in Karachi, security around the Lahore consulate’s building has been increased.
He said that a two-tier security mechanism has been developed in coordination with law enforcement agencies and the Punjab government.
“The mechanism features regular meetings of all law enforcement agencies to keep beefing up security standards.”
Permanent Donation Fund:
The Counsel General praised the bravery of policemen who were martyred while holding off the attackers in Karachi.
Dingbin said that his country’s diplomats were considering setting up ‘Permanent Donation Fund. This fund would not only provide aid to the families of the martyred policemen but also help the deserving people of Pakistan, he added.
Donation for the martyrs:
PengZhengwu, the Deputy Consul General, was also present during the interview, he praised the bravery of the policemen who were martyred while engaging the attackers. He donated 1,000 RMB (Yuan), while Dingbin gave 2,000 RMB.
Pakistan has been going through a phase of the deep economic crisis. It has been looking for loans from other countries in its fight for survival.
Early November, Prime Minister Imran Khan had left for a maiden visit to China. According to the reports, Pakistan was to receive a $6 billion economic package, during the visit.
During Prime Minister Khan’s recent visit to China, the scope of investment was widened by inking 15 new agreements.
These agreements included cooperation in politics, economics, people-to-people contacts and culture links, amongst others.
With this latest development, it can be hoped that Pakistan’s economical graph is about to go up.