- The PM acknowledges China’s full support in challenging times.
- PM Shehbaz highlights the importance of eliminating foreign debts.
- Non-partisan economic and foreign policies are necessary to address the crisis.
In a recent address at the PM’s National Innovation Awards ceremony, Prime Minister Shehbaz Sharif expressed his gratitude to China for its unwavering support during Pakistan’s difficult economic times. He praised China for extending a helping hand and confirmed that $1 billion had been received from the country.
This announcement comes as a significant boost to Pakistan’s foreign exchange reserves. The State Bank of Pakistan (SBP) confirmed that China has agreed to refinance a $1 billion loan to Pakistan, relieving some of the financial burdens the country has been facing. This news follows Finance Minister Ishaq Dar’s update to the National Assembly’s Standing Committee on Finance and Revenue, where he disclosed China’s decision to refinance the loan.
Dar informed the lawmakers that the $1 billion refinancing would be received either on the day of his statement or on the following Monday. He further mentioned that negotiations with the Bank of China were underway for an additional loan of $300 million. Additionally, Pakistan would benefit from dollars through China’s swap agreement.
During his speech, Prime Minister Shehbaz Sharif also acknowledged the support of Saudi Arabia, Qatar, and the United Arab Emirates, praising their assistance in Pakistan’s challenging times. He emphasized the importance of reducing foreign loans and utilizing them effectively, as recommended by friendly countries. These nations have encouraged Pakistan to optimize the potential of its abundant natural resources.
The Prime Minister highlighted that Pakistan possesses considerable natural resources and has the capacity to become self-sufficient. He expressed confidence that the country will overcome its economic and financial challenges with determination and concerted efforts.
To address the crisis, PM Shehbaz proposed a non-partisan agenda, emphasizing the need for all stakeholders, including opposition parties, to collaborate and agree upon an economic and foreign policy agenda. This unity of purpose would ensure the continuity of policies and provide a solid foundation for Pakistan’s progress.
The Prime Minister’s call for a non-partisan approach signifies his understanding of the importance of national interest and the need to put aside political differences to steer Pakistan towards stability and prosperity. It reflects a pragmatic and inclusive approach that aims to unite the nation in the face of economic challenges.
The support and assistance provided by China, along with the cooperation of other friendly nations, demonstrate the strength of Pakistan’s diplomatic relations. The timely refinancing of the loan from China will alleviate some of the economic pressures and contribute to stabilizing Pakistan’s financial situation.
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As Pakistan moves forward, it is crucial for the government, opposition parties, and the entire nation to work together, setting aside political divisions for the greater good. By harnessing its natural resources, implementing effective policies, and fostering unity, Pakistan can overcome its economic struggles and achieve sustainable development.
