BEIJING: China has rejected the reports that Pakistan’s foreign exchangesreserves are in short and would affect China-Pakistan Economic Corridor,which is the flagship project of Belt and Road Initiative proposed byChinese President Xi Jinping in 2013.

Chinese Foreign Ministry spokesperson Hua Chunying said on Wednesday, TheWestern media reports that Pakistan’s foreign exchange reserves are inshort supply or affect the infrastructure projects of the China-PakistanEconomic Corridor, the report is seriously inaccurate.

She was responding the question that some Western media quoted Pakistaniofficials as saying that the current debt risk of Pakistan has surged, andforeign exchange reserves are in short supply. It is hoped that China willcontinue to provide loans to the Pakistani side. Otherwise, the Pakistaniside will once again seek assistance from the International Monetary Fund.If this happens, it may affect some infrastructure projects under theChina-Pakistan Economic Corridor.

Hua Chunying replied that the report was seriously inaccurate. A few daysago, Pakistan’s Finance Minister Dr. Shamshad Akhtar has issued a statementto clarify, stressing that the Pakistani side would continue to pushforward the construction of the China-Pakistan Economic Corridor. TheChinese side has noted the shortage of foreign exchange reserves inPakistan and believes that the Pakistani side would overcome temporarydifficulties and maintain stable economic development.

Hua Chunying said that in recent years, the China-Pakistan EconomicCorridor has played a positive role in maintaining a high growth rate ofthe Pakistani economy and has received the full support of the Pakistanigovernment and people.

“We believe that the corridor will be steadily advanced according to theconsensus reached between China and Pakistan and will not be interfered byother factors,” she added.

According to some media reports, China has so far given an estimated loanof $5 billion to Pakistan to help temporarily stabilize reserve.