Wednesday June 12, 2024

Pakistan seeks support from Bank of China to bring back macroeconomic stability

FinMin Ishaq Dar urges Bank of China to expand business relations with Islamabad to deepen economic and financial relations

By Saifur Rahman
November 29, 2022

Pakistan Tuesday sought support from the Bank of China to bring back the macroeconomic stability, convincing them of an expansion of business relations with Islamabad to deepen the economic and financial relations.

Federal Minister for Finance and Revenue Ishaq Dar held a virtual meeting with Bank of China President Liu Jin at the Finance Division where he briefed the latter about the financial and fiscal conditions inherited by the present government.

According to a statement issued by the Ministry of Finance, Dar shared that it has always been a great pleasure to work with the Bank of China and Pakistan has enjoyed “sound financial dealings” with the bank.

The finance minister also highlighted the recent visit of Prime Minister Shehbaz Sharif to China and talked about the reciprocation of warm sentiments from the Chinese leadership.

Dar, while talking about the long-standing and durable relationships between the government of both countries, shared gratitude to the Bank of China president for continuous support to Pakistan in testing times.

“It was shared that the Bank of China has played a crucial role in extending budgetary support to Pakistan which has played a significant role in easing pressure on the external account and meeting budgetary needs,” the statement mentioned.

Speaking on the occasion, the Bank of China president also highlighted the historical and bilateral ties between both countries and appreciated the Government of Pakistan for taking the necessary measures for easing the lives of the masses in the country.

He also acknowledged the contribution of Pakistan in supporting China during hard times. Liu Jin also commended the ongoing facilitation being provided by the Government of Pakistan on various Chinese projects under the umbrella of the China-Pakistan Economic Corridor (CPEC).

In conclusion, the finance minister thanked the bank’s president for continuous support and assured him of the same support by the present government in deepening the economic, trade and investment cooperation.

— Thumbnail image of Finance Minister Ishaq Dar's meeting with Bank of China President Liu Jin held on November 29, 2022 at the Finance Division was taken from Twitter/@FinMinistryPak