AIIB president meets PM Imran, announces to invest in CPEC projects

Rising Kashmir

India logdes protest against Pakistan, China over bus services which passes through Pak-Occupied Kashmir

Chinese President Xi Jinping (R) meets with Pakistani Prime Minister Imran Khan at the Great Hall of the People in Beijing, capital of China, Nov. 2, 2018.

"My party has only been in power for two months".

Pakistan is expected to receive United States dollars 6 billion economic package from China during the visit, Geo TV quoted sources as saying.

A loan of Dollars 1.5 billion is also expected to be offered, along with an additional package of USD three billion for the China-Pakistan Economic Corridor (CPEC), the report said.

The last time was in 2013, when Islamabad got a $6.6 billion loan to tackle a similar crisis. However, there was no immediate official comment from Beijing on the report.

Earlier during his visit to Saudi Arabia, Riyadh committed Dollars 6 billion funding which included USD 3 billion deferred payment for oil imports.

Pakistan is now hoping to secure help from the International Monetary Fund (IMF) to avert the crisis in what would be the nation's 13th rescue package from the lender in 30 years.

Imran's visit evoked considerable interest in Pakistan as it comes in the wake of his past criticism of the $50 billion CPEC projects and remarks by his ministers to cut down some of the projects over debt concern.

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They also reiterated their steadfast commitment to strategic partnership and underscored taking it to new heights.

"China has always supported Pakistan's safeguarding of national independence, sovereignty and territorial integrity, and the new Pakistani government's smooth running of the government and advancement of national construction", he said. "But I would like to say that the CPEC has nothing to do with the territorial dispute and will not influence China's stance on Kashmir", Lu told reporters at a press briefing.

Khan is accompanied by foreign minister Shah Mehmood Qureshi, finance minister Umar, Advisor on Commerce and Trade Abdul Razzak Dawood, railways minister Sheikh Rasheed among others. Khan had initially vowed to curb borrowing, but has proceeded with projects such as one to build 5 million public housing units and has predicted that Pakistan would soon overcome its economic woes.

The PM's four-day visit is aimed at reviewing the entire range of bilateral relations and to participate in the First China International Import Expo in Shanghai. The trip "is significant for President Xi Jinping, whose flagship BRI has had hiccups in recent months".

The CPEC involves a host of projects connects China's Xinjiang province with Pakistan's Gwadar port in Balochistan province.

He would hold talks with Chinese Premier Li Keqiang on Saturday after which both the countries would sign several agreements.

Xi said the two sides should deepen strategic communication, maintain regular visits and meetings between the two countries' leaders and enhance experience-sharing in the governance of a country.

Khan is also keen to renegotiate Islamabad's projects under the "Belt and Road Initiative", Beijing's worldwide trade and infrastructure development programme.

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