Pakistan wants investment, not loans from China: PM Shehbaz

Prime Minister Shehbaz Sharif stressed on Monday that Pakistan needed support from China in the form of investment, trade and transfer of knowledge rather than disbursement of loans and financial aid.

In a meeting with Chinese investors, he said that Pakistan wants to learn agriculture and industrial uplift and cost cutting from China.

“Scarce resources are used to finance expensive oil and gas imports and we need to learn how to replace them with wind and solar power and how to make Pakistan prosperous and progressive in the time to come,” he said.

He praised Chinese President Xi Jinping and Premier Li Keqiang for extending endless support to Pakistan.

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In March, Pakistan sought financial support of about $ 21 billion from China through rollover of existing loans of $10.735 billion and $10 billion as deposit fund, to meet future financial needs and deal with financial challenges, well informed sources in Finance Ministry told Business Recorder.

Govt seeks $21bn support from China

Meanwhile, PM Shehbaz said: “The China-Pakistan Economic Corridor (CPEC) helped Pakistan move forward. From 2010 onward, some areas of the country witnessed 20 hours of load shedding per day in the summer season.”

President Xi and then Prime Minister Nawaz Sharif inked CPEC agreement and Pakistan immediately started building power plants that achieved completion in late 2016-17, he stated.

Shehbaz noted that the power plants helped overcome the problem of load shedding and supported industrial production, uplifted exports and generated employment opportunities.

Without CPEC, Pakistan would have been in a terrible situation and the nation would not forget the support extended by China during the difficult times, he added.

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He stated that Pakistan looked forward to seek support from China “in every walk of life.”

He was of the view that exponential growth recorded by Beijing over the past few decades made it a model for Pakistan to follow.

Recalling his visits to China, he added that the country progressed in agriculture, industry, trade and IT sectors and managed to lift millions of people out of poverty.

“China has accomplished everything you can think of and this presents a great model for Pakistan,” he said. “This gives us an opportunity to emulate and replicate China’s workings and take Pakistan to modern ages.”

He stressed that the nation was determined to face all challenges.

Prime Minister Shehbaz Sharif is proactively engaged in the resolution of issues facing the Chinese companies including those working in power sector projects under China Pakistan Economic Corridor (CPEC).

Prime Minister Office has asked the Ministries to provide a synopsis for the Prime Minister (one pager), a comprehensive brief and a copy of presentations and talking points.