Balance of payment support for Pakistan: New development reported

Balance of payment support for Pakistan: New development reported

ISLAMABAD - During the visit of Prime Minister Imran Khan to China, Pakistan and China agreed to establish a Task Force to further discuss the matters of immediate market access for Pakistan’s exports as well as for the balance of payments support for Pakistan.

In this connection, a senior level delegation comprising of Federal Secretaries of Finance, Foreign Affairs, Planning and Development and Commerce along with the governor of State Bank of Pakistan will undertake a visit to China during the current week to work out the modalities with the Chinese authorities in their respective areas.

According to a statement issued by ministry of finance here on Tuesday, the prime minister’s recent visit to China has moved the overall economic relationship between the two friendly countries to the next level.

During the visit several avenues of mutually beneficial collaboration were identified and a number of Memorandum of Understanding (MOU) were signed between the two sides in the sphere of economic cooperation.

These included agreements in the area of socio-economic development, poverty alleviation, agriculture, economic and technical cooperation, forestry, earth sciences, higher education and technology.

The two sides noted with satisfaction that CPEC’s first stage, which comprised of infrastructure and energy sector improvements, has almost been completed.

It was decided that the next stage of China Pakistan Economic Corridor (CPEC) will focus on industrial expansion, agricultural revitalization and trade integration of the two economies.

This phase will help the Government of Pakistan in achieving its objectives of job creation and export growth. - APP