China to form a task force to assess Pakistan’s financial needs
For the first time, China has set up a task force to asses Pakistan’s financial needs for keeping all-weather friend afloat.
The announcement was made on the balance of payments (BoP) support. Moreover, forgiving market access for Pakistani goods at the end of Prime Minister Imran Khan’s five-day visit to China.
During the visit, the two sides have discussed market access for Pakistan’s export goods as well as BoP support.
In this regard, a statement was issued by the Ministry of Finance,
“The top Chinese leadership expressed their strong support and a task force was established by both sides to discuss the matters further.”
Setting up task forces is the practice of the PTI government:
Pakistan Tehreek-e-Insaf has established more than half a dozen task forces in areas like
- Civil service reform
- Institutional reforms
- Education reforms
- Recovery of assets stashed abroad
The finance ministry told that PM’s China visit has moved the economic relation of two countries to the next level.
Formation of a task force:
Beijing’s decision is to set up a task force to determine Pakistan’s financial requirements. China has given money after holding talks at the political level.
Discussions at the task force level will also provide an opportunity for Pakistan to get market access for products. The 2008 free trade agreement (FTA) with China has titled the trade balance heavily in favor of Beijing.
What does the Chinese Foreign Minister say?
The Chinese Vice Foreign Minister Kong Xuanyou said that the two sides had made it clear that the Chinese government will provide necessary support to Pakistan.
“As for the specific measures to be taken, competent authorities of the two sides will have detailed discussion,” Kong said.
The high-level delegation will visit China:
To hold negotiations with China, a Pakistani delegation will leave this week. The delegation will leave after IMF starts negotiations with Pakistan. The IMF team is expected to reach Islamabad on Wednesday and talks are expected to continue for two weeks.
The government is trying its best to get maximum support from friendly countries so that a big bailout package from the IMF con be avoided.