Introduction

MULTAN (Web Desk) – Pakistan’s premier Shehbaz Sharif on Friday penned a letter to China to revise Pakistan’s $10 billion debt to make a $7 billion deal with the IMF between next month.

It is said that Pakistan had planned to restructure over $27 billion of its debts and obligations with friendly countries like China, Saudi Arabia and UAE in exchange for a 37-month’s IMF package.

“I have written a letter to China, it’s in the public domain now, for reprofiling of debts,” the prime minister told the cabinet on Friday.

According to the World Bank, reprofiling of the international loans is described as “changes in the overall profile in future country payments through refinancing, substitution, or renegotiation. ”

The process can assist a country in reducing the currency risk which worsens the sustainability of debts.

The prime minister also expressed apprecation to the friendly relations with China.

Global market
“At a time when there was no one willing to take risks in the Global market, especially in the energy sector of Pakistan, was at its lowest the Chinese firm countered the resistance and started CPEC,” said the prime minister regarding the Chinese contribution in developing Pakistan’s infrastructure.

A day earlier, a 12-meber high-powered Chinese delegation also danced on Prime Minister Shehbaz Sharif in Islamabad.

Also Read: A Chinese delegation has sought a meeting with the Prime Minister of Pakistan Shehbaz Sharif.

Chinese delegation is in Pakistan for a visit with different projects and cooperation for China in Pakistan. There are several persons in the delegation they officers coming from different ministries.
PM Of Pakistan
The PM adding saying that Pakistan and China had been friends from century to another. Saying that the security of the Chinese brothers in Pakistan has enhanced.

The delegation briefing was made regarding their opinion regarding Chinese investment in Pakistan and collaboration regarding the second phase of CPEC. Informants revealed that the issue of facilitating exports of the Pakistani products was also brought up.

While this is still on, Pakistan on its part is ready to offer free visa to Chinese nationals with effect from August 14 in a bid to enhance the bilateral ties between Beijing and Islamabad.

The relations between China and Pakistan are higher than the Himalayas and deeper than the oceans PM while congratulating both the countries for the good news.

It has been established that China has been a good friend on Pakistan for many years now.