Apr 18, 2015

Pakistan going to get huge financial offerings from China

Pakistan needs a "huge amount of financing" for infrastructure and energy projects and China is ready to announce help when President Xi Jinping visits next week, a foreign ministry official said.

Islamabad has for decades been Beijing's closest ally in South Asia, and China - which is expanding its influence in the region - is a major trading partner and key supplier of military technology to Pakistan.

Chinese assistant foreign minister Liu Jianchao declined to offer details in a briefing to reporters ahead of Xi's two-day trip, which starts Monday, saying that the "specific figure" would be announced during the visit.

But he said a "huge amount of financing" was needed for projects in the transport, infrastructure and energy fields that are part of a China-Pakistan economic corridor initiative.

"China stands ready to provide financial support for Pakistan to be used on these projects," Liu said.

The Wall Street Journal reported that Xi would announce a $46 billion spending plan for infrastructure, with the largest share going for electricity generation.

Xi was originally scheduled to visit last September but Beijing cancelled the trip with Islamabad in the grip of major anti-government street protests.

China has been a key financial and military ally of Islamabad over the years and Pakistani Prime Minister Nawaz Sharif secured promises of $42 billion worth of investment when he went to Beijing in November last year.

The financial offerings may change the current situation of Pakistan if they are used properly and fairly. The government is all set to welcome the closes ally and want to tell the region that new “Economic Giant” is a friend of Pakistan and come over to help it.

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