China to provide financial assistance package to Pakistan: FM Asad Umar

China to provide financial assistance package to Pakistan: FM Asad Umar

5 news, 5

Pakistan's Finance Minister Asad Umar said on Tuesday that China had promised at the highest level to help address his country's financial problems through an assistance package.

Umar briefed media along with Foreign Minister Shah Mehmood Qureshi about the recently-concluded visit of Prime Minister Imran Khan to China. Both ministers were part of the visiting delegation.

Umar said that after these commitments by China, Pakistan's balance of payments issue was effectively resolved.

"We had told you about the $12 billion financing gap, of which $6 billion have come from Saudi Arabia, and the rest has come from China. So the immediate balance of payments crisis of Pakistan has ended. I want to make that clear in unequivocal terms that we do not have any balance of payments crisis now," Umar said.

He said a high-level delegation will visit China to work out the modalities of payments to Pakistan on November 9.

Meanwhile, the finance ministry issued a statement that a delegation was going to China this week.

"A senior-level delegation comprising of federal secretaries of finance, foreign affairs, planning & development and commerce along with the State Bank of Pakistan's governor will undertake a visit to China during the current week to work out the modalities (for assistance)," it said.

Umar's assertion that the balance of payments crisis was over came a day ahead of visit of a...

    More on