Caixin
Nov 07, 2018 07:21 PM
BUSINESS & TECH

Pakistan Finance Crisis Over With Chinese Backing, Finance Minister Says

Chinese and Pakistani flags flying together on Beijing's Tiananmen Square on Nov. 2. Photo: VCG
Chinese and Pakistani flags flying together on Beijing's Tiananmen Square on Nov. 2. Photo: VCG

Debt-strapped Pakistan’s “balance of payments crisis is over” with help from Beijing, its finance minister declared, just a day after its prime minister left China without disclosing receipt of the financial support his country desperately needs from one of its biggest creditors.

Speaking during a press conference on Tuesday, Finance Minister Asad Umar said that Pakistan had secured “commitment at the highest level” from the Chinese leadership “to increase our exports, and to do (the things) we should (to) have enough income so that we do not need to borrow,” according to domestic media reports. The countries will hold high-level talks to iron out the terms on Friday, Umar said.

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