Imran Khan in Beijing: Pakistan PM meets Li Keqiang, State-owned firms

Beijing, China: Pakistan Prime Minister Imran Khan held meetings with Chinese Premier Li Keqiang and senior leadership of state-owned companies in China on 5 February, 2022, as Islamabad is finding out ways to overcome financial challenges.

“Prime Minister Imran Khan concluded his second day of meetings with business leaders of mega China’s top state-owned and private enterprises in Beijing on Saturday,” said Pakistan Prime Minister’s Office in a tweet.

“The executives who met the Prime Minister included Chairmen of China Energy Engineering Corporation (CEEC), China State Construction Engineering Corporation (CSCEC), Power China, East Sea Group, China Railway Group Limited (CREC), China Metallurgical Group Corporation (MCC), Beijing Century Industrial Development Co. Ltd (CENTINCO) and the CHINAMEX Group,” the Office added.

During the meetings, the Chinese businesspersons briefed the Prime Minister on the progress of their ongoing projects in Pakistan and future investment plans worth billions of US dollars in the fields of energy, Refining, Petrochemical, infrastructure development water management, information and communication technology (ICT), and housing.

Appreciating the interests of Chinese companies for enhancing business ties with Pakistan, the Prime Minister highlighted that government of Pakistan had offered many incentives to foreign enterprises especially from China for investment in Pakistan Special Economic Zones, according to Pakistan Prime Minister’s Office.

He assured that Pakistan would continue to support and facilitate the Chinese companies for their expanded footprints in Pakistan.

The Prime Minister was accompanied in the meetings by the members of the cabinet and senior officials.

The meeting took place as Pakistan, with Imran’s China visit, is eyeing to ease its financial burden and gain more loans from Beijing. Pakistan has set its sight on a loan to the tune of $3 billion from China to stabilise its dwindling foreign exchange reserves and also seeks an investment bonanza in half a dozen sectors with Imran’s China visit.

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The Imran Khan government is considering requesting China to approve another loan to the tune of $3 billion in China’s State Administration of Foreign Exchange, known as SAFE deposits, reported The Express Tribune earlier citing senior government officials in Islamabad.

Beijing had already placed around $11 billion with Pakistan in the shape of commercial loans and foreign exchange reserves support initiatives, including $4 billion in SAFE deposits.

The Chinese money is part of the country’s current official foreign exchange reserves recorded at $16.1 billion. In the last fiscal year, the country had paid over PKR 26 billion in interest cost to China only for using a $4.5 billion Chinese trade finance facility to repay the maturing debt, according to The Express Tribune.

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