Business & Partnership

China backs Pakistan's request for IMF assistance

China has endorsed Pakistan’s request to the IMF for a bailout package, but cautioned that it should not affect economic cooperation between Islamabad and Beijing.
Oct 17, 2018
China has endorsed Pakistan’s request to the IMF for a bailout package, but cautioned that it should not affect economic cooperation between Islamabad and Beijing.
 
“As a member of the IMF, China supports the organisation in making an objective evaluation of Pakistan based on professionalism and earnestly helping it properly address the current difficulty,” Chinese foreign ministry spokesperson Lu Kang said at his press briefing in Beijing. His remarks were shared with the Pakistani media by the Chinese Embassy in Islamabad.
 
Pakistan had last week formally applied for IMF assistance to deal with its impending balance of payments crisis. Prime Minister Imran Khan has said the country could need around $12 billion to deal with the problem.
 
A team of IMF officials is scheduled to visit Islamabad on Nov 7 for talks on the size of the loan facility that Pakistan would be requiring. IMF Managing Director Christine Lagarde has said the lender would need to determine the debt sustainability of Pakistan by having “a complete understanding and absolute transparency about the nature, size and terms” of its debt.

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