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Pakistan can overcome financial woes: China
July 13, 2018
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BEIJING: A Chinese official said that China believes Pakistan can overcome temporary difficulties in foreign exchange reserves and maintain stable economic development.

Foreign Ministry spokesperson Hua Chunying made the remarks at a press briefing in response to some Western media reports, which said Pakistan, facing a surging debt risk and a shortage of foreign exchange reserves, hoped China could continue to provide loans, otherwise a number of infrastructure projects of the China-Pakistan Economic Corridor could be affected. He refuted the reports as being “seriously inaccurate”.

“Pakistan’s Finance Minister Shamshad Akhtar has made it clear that Pakistan will firmly adhere to pushing forward the construction of the China-Pakistan Economic Corridor,” Hua said.

She said that the China-Pakistan Economic Corridor had played a positive role in helping Pakistan maintain relatively high economic growth, and gained full support from the government and people of Pakistan.

“We believe that the construction of the corridor will be implemented steadily according to agreements of the two sides and will not be disturbed by other factors,” Hua said.

Meanwhile, the State Bank of Pakistan (SBP) has taken stringent measures to tighten currency movement within the country amid depreciation of the national currency following the grey-listing of Pakistan by the Financial Action Task Force (FATF).

Indo-Asian News Service

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