ISLAMABAD: China’s Vice Premier Zhang Guoqing has reiterated his country’s financial support to Pakistan, the Pakistani foreign ministry said on Friday, amid an economic meltdown in the South Asian country.
The statement by the Pakistani foreign ministry came after a meeting between the Chinese vice premier and Foreign Minister Ishaq Dar in Brussels on the sidelines of the First Nuclear Energy Summit.
During the meeting, the two figures agreed on the importance of the longstanding cooperation between Pakistan and China in civil nuclear technology.
“The Chinese Vice Premier underlined that China would assist Pakistan in stabilizing its financial situation,” the Pakistani foreign ministry said in a statement.
“He expressed Chinese readiness to upgrade CPEC [China-Pakistan Economic Corridor] and to further strengthen cooperation in diverse fields, including Industry, Mining, and Information Technology.”
Pakistan averted a sovereign default in June last year, thanks to a last-gasp $3 billion bailout from the International Monetary Fund (IMF) that expires next month. Its debt-ridden economy has been under extreme stress with low reserves, a balance of payment crisis, inflation at 23 percent, policy interest rates at 22 percent and record local currency depreciation.
China has also economically supported Pakistan in times of need and both countries have backed each other’s stance on international fora on regional and global issues.
In meeting with Vice Premier Zhang, FM Dar reiterated Pakistan’s longstanding support for ‘One China’ policy and underscored there was an absolute consensus in Pakistan on relations with China.
Separately, the Pakistani foreign minister met with Suhail bin Mohammed Al-Mazrouei, the United Arab Emirates (UAE) minister of energy and infrastructure, in Brussels.
“The two Ministers reviewed the state and potential of bilateral relations,” the Pakistani foreign ministry said. “They expressed their desire to further enhance Pakistan-UAE relations particularly trade and investment in renewable energy and transport sectors.”
FM Dar appreciated the role of the UAE’s in climate diplomacy and noted that the COP-28 climate conference directed global attention toward nuclear energy as an option for clean energy. He reiterated Pakistan’s readiness for sharing its experience and expertise in all fields of peaceful uses of nuclear technology, particularly in nuclear reactor operations, safety and establishment of regulatory infrastructure, according to the statement.
The foreign minister expressed confidence that the conclusion of Pakistan-UAE Comprehensive Economic Partnership Agreement (CEPA) will lead to further enhancement of bilateral trade and investment cooperation. The UAE minister underscored that the Emirates would be a partner in development of Pakistan.