China Package to be completed within days – Ministers Presser
Foreign Minister Shah Mehmood Qureshi and Finance Minister Asad Umar hinted a financial package from China within the next few days.
Talking about the visit of Prime Minister Imran Khan to China, the ministers said that opposition will get the answers to their questions soon.Foreign Minister said that opposition parties wanted the government to respond their questions in the parliament. He said, “I am sure they will get their answers about the package from China.”
He said that opposition parties had created a hype about the economic challenges. But the government was taking practical steps for the betterment of the economy.
“It is ironic that our people always consider the immediate financial package as a successful visit. Wait a bit,” he contended.
On November 7, the Foreign Secretary Tehmina Janjua was in China to finalize some agreements related to our economy.
The Secretary Finance and the Governor of State Bank of Pakistan will meet the Chinese official on November 9. They will discuss the modalities of the package.
Finance Minister Asad Umar said:
“Pakistan’s exports to China is currently $1.744 billion. It will be doubled within this year. This will be a true package to resolve Pakistan’s economic crisis.”
“If you follow our meetings in China, you will see that there is a package which will not take time to unfold. There will be relief soon,” he maintained.
Pakistan’s balance of payments crisis is over and China is committed to providing short-term relief to Pakistan.
“The long-term solution to the balance of payments crisis is to increase our exports. Also to ensure that we should have enough income so that we do not need to borrow, ”Asad Umar explained.
The depth of Pak-China relations should not be seen only in the context of the financial package. China has always helped Pakistan in difficult times.
Prime Minister Imran Khan’s visit to China has converted bilateral strategic relations into an economic partnership.
Shah Mehmood Qureshi claimed that the trip to China was “Productive to the extent that we are out of the woods.”
Foreign Minister said that there were four main objectives of the visit. Progress has been made in all of them. The two sides agreed to upgrade strategic dialogue to foreign minister level.
MoUs were signed in order to learn from China’s experience in poverty alleviation and also for the transfer of technology to Pakistan to increase productivity in agriculture.
Discussions were held for the stabilizing the economic condition of the country. Negotiations of Trade Agreement will be completed in April next year.
Some steps were also discussed for the improvement of foreign exchange reserves in Pakistan. Technical level talks in the regard will be held on November 9.
The priorities in the next phase of the China-Pakistan Economic Corridor were also discussed to achieve:
What will be focused in the next phase of CPEC?
- Establishment and activation of special economic zones
- Transfer of technology for an increase in agriculture productivity
- Job creation
- Skill development of workforce
Foreign Minister said that Prime Minister Imran Khan held meetings with:
- Chinese President
- Chinese Prime Minister
- Chairman National People’s Congress and Vice President
He discussed the bilateral relations, regional and international issues, including:
- The possibility of talks with India
- Situation in Afghanistan
- Counterterrorism cooperation
A trilateral meeting among Pakistan, China and Afghanistan will be held in December to discuss the Afghan issue.
15 memorandum of understandings (MoUs) were signed in China, some highlighted ones are:
- The strategic dialogue will be upgraded
- Transfer of citizens sentenced there and theirs sentenced here so that they can serve their sentences in their own countries.
- MoU for poverty alleviation
- MoU regarding agricultural cooperation
Officials said that the visit helped us in moving our relationship towards an economic partnership. They further said that the trip served to rubbish the notion that the Pak-China relationship would suffer under the PTI government.