ISLAMABAD – Chinese Foreign Ministry has finally responded over the mediareports of lending assistance worth $2 billion to Pakistan.
China on Wednesday acknowledged it was extending financial assistance tohelp Pakistan boost its dwindling foreign exchange reserves.
Chinese foreign ministry spokesman Lu Kang in his daily media briefing inBeijing said: “The Chinese side has offered and will continue to offer itsbest through assistance, trade, investment and all-around practicalcooperation to support and boost Pakistan’s economic and socialdevelopment.”
He was responding to a question about a *Financial Times* reportlink, whichsaid that China had pledged to lend at least $2bn to Pakistan to shore upits foreign exchange reserves and prevent further devaluation of the rupeeagainst the dollar.
This was the first official confirmation by a Chinese official that Beijinghad planned to extend a financial package to Islamabad.ARTICLE CONTINUES AFTER AD
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Mr Lu further noted that Pakistan and China are “all-weather strategicpartners” and both have been “in close communication with each other on therelevant cooperation”.
The details of the conditions on which the assistance is being extended toPakistan are still not known, though there have been speculations it’sbeing given as a loan at an exorbitant rate.
