Pakistani PM to visit China next week for more loans

Pakistani Prime Minister Imran Khan will visit China next week to meet its leaders and deliver a keynote speech at the vast Belt and Road Forum in Beijing, as the risk of an economic collapse becomes imminent at home.

China has pledged about $60 billion in infrastructure loans to Pakistan, touted as a success story of its Belt and Road initiative, which aims to build roads and maritime trading routes across the globe. Apart from Pakistan’s global payment obligations, it now owes more than $55-bn in CPEC loans to China.

Pakistan’s economy has hit serious turbulence over the past year and Islamabad is now finalizing a bailout package with the International Monetary Fund (IMF) to stave off a balance of payments crisis, despite more than $10 billion in short-term loans from allies such as China, U.A.E. and Saudi Arabia.

Imran Khan will hold bilateral meetings with President Xi Jinping and Premier Li Keqiang for more financial support. The two countries will sign several pacts to enhance cooperation, and Khan will meet Chinese corporate and business leaders.