ISLAMABAD - Foreign Minister Shah Mehmood Qureshi and Finance Minister Asad Umar Tuesday hinted at a financial package from China within the next few days.

Briefing the journalists here about the just-concluded visit of Prime Minister Imran Khan and his team to China, the ministers claimed the Opposition will get the answers to their ‘questions’ – about the package from China - in the parliament soon.

Qureshi said the opposition parties wanted the government to respond to their questions in the parliament and “I am sure they will get their answers.”

He said the opposition parties had created a hype about the economic challenges but the government was taking practical steps to overcome the crises. “It is ironic that our people always consider immediate financial package as a successful visit. Wait a bit,” he contended.

He said Foreign Secretary Tehmina Janjua was in China to finalise some agreements with Beijing on November 9. “This meeting relates to our economy,” he remarked.

Asked about the package from China, Asad Umar hinted at some big news later this week. “There is no hurry. Wait a bit. There will be something (package),” he added.

He said the Secretary Finance and the State Bank of Pakistan Governor will be meeting the Chinese officials on November 9 to discuss the modalities of the package.

Asad Umar said the cushion provided by Saudi Arabia and the one to be given by China as well as the budgetary measures had helped Pakistan address the immediate balance of payment crisis. He, however, said Pakistan will have to enhance its exports for a permanent solution to the issue. “We will have to focus on enhancing our exports and support the industries and the agriculture sector in order to permanently address the balance of payment crisis,” he maintained.

Umar said Pakistan’s exports to China – currently $1.744 billion - will be doubled within this year which will be a true package to resolve Pakistan’s economic crises.

“If you follow our meetings in China, you will see that there is a package which will not take time to unfold. There will be relief soon,” he maintained.

Qureshi said the depth of Pak-China relations should not be seen only in the context of financial package. He said China had always helped Pakistan in difficult times and most recently it extended help in the month of July.

Qureshi said Prime Minister Imran Khan’s visit to China has helped convert bilateral strategic relations into economic partnership. He said the Pakistani delegation effectively highlighted economic dimension of the relationship during the visit.

Qureshi said there were four main objectives of the visit, and progress had been made in all of them through 15 agreements, memoranda of understanding and discussions with the Chinese leadership. He said the two sides agreed to upgrade strategic dialogue to foreign minister level.

“It was also agreed that prisoners of the two countries will serve their remaining sentences in their respective countries,” he said.

He said the MoUs had been signed to learn from China’s experience in poverty alleviation and also for transfer of technology to Pakistan to increase productivity in agriculture.

Qureshi said discussions were held to increase exports to China so that the country’s economy could be stabilised. He said negotiations on second phase of Free Trade Agreement will be completed in April next year, and the agreement will be signed on the occasion of Belt and Road Forum.

He said the two sides also discussed ways to improve foreign exchange reserves of Pakistan. He said the technical level talks between the two sides in this regard will be held on November 9 in Beijing, and Foreign Secretary Tehmina Janjua will represent Pakistan.

He said it was also discussed that local currencies should be given priority in trade to reduce pressure on dollar. Qureshi said the priorities in the next phase of China-Pakistan Economic Corridor were also discussed to achieve progress, prosperity and connectivity.

He said industrialisation, establishment and activation of special economic zones, transfer of technology for increase in agriculture productivity, job creation, housing, tourism, livelihood, and skill development of workforce will be focused on the next phase. He said ways were also discussed to accelerate pace of development of Gwadar Port.

Qureshi said Prime Minister Imran Khan held meetings with the Chinese President, Prime Minister, Chairman National People’s Congress and Vice President and discussed the entire gamut of bilateral relations and regional and international issues, including possibility of talks with India, situation in Afghanistan, and counter terrorism cooperation.

He said a trilateral meeting among Pakistan, China and Afghanistan will be held in December to discuss the Afghan issue.

 

Pakistan expects China package within days