China promises help, while Imran Khan speaks of Pak's "Low Point" in Beijing; Xi accepted invitation

China promises help, while Imran Khan speaks of Pak's "Low Point" in Beijing; Xi accepted invitation
Beijing: China has pledged to support Pakistan's economy on Friday as new Pakistani Prime Minister Imran Khan spoke of his country's "very difficult" economic situation in a burgeoning financial crisis.

Pakistan's foreign exchange reserves have fallen 42 percent since the beginning of the year and now stand at around $ 7.8 billion or less than two months of import protection.

Pakistan received a $ 6 billion bailout from Saudi Arabia last month, but authorities say it still needs to call for a bailout from the International Monetary Fund (IMF) to avert a balance of payments crisis.
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It would be Pakistan's 13th rescue package from the multilateral lender since the late 1980s.
When he met Chinese President Xi Jinping in the Great Hall of the People of Beijing, he said he had come to China to learn.

"My party has only been in power for two months, but unfortunately we have inherited a very difficult economic situation," Khan said.

"Countries are moving in cycles, they are at their peak, they are bottoming out." Unfortunately, our country is currently facing two very large deficits, a budget deficit and a current account deficit, at a low point, as I said, have come to learn "

Xi told Khan that he valued the all-weather friendship between the two countries.

"I attach great importance to relations between China and Pakistan and I am prepared to work with the Prime Minister to strengthen the strategic all-weather partnership between China and Pakistan and to build a new era of destiny between China and Pakistan," said Xi ,

Neither man mentioned any economic aid in comments to reporters.

However, the Chinese government's top diplomat, State Councilor Wang Yi, said in a separate meeting to Pakistani Foreign Minister Shah Mahmood Qureshi that China will not abandon Pakistan.

"The Chinese side will continue to provide support and assistance to Pakistan's economic and social development and national development," the Chinese Foreign Ministry quoted Wang as saying.

Pakistan's Information Minister Fawad Chaudhry told reporters late on Friday that Khan would return to the country with "good news and a good package," the geo-TV news channel in Pakistan said.

The Pakistani Prime Minister's office later said that Xi had accepted an invitation to visit the country. There was no time frame.

Khan will meet Chinese Prime Minister Li Keqiang on Saturday, when the two countries are expected to sign a series of agreements.

Although China is Pakistan's largest ally, Khan's newly elected government has attempted to rethink the two countries' signature project, the China-Pakistan Economic Corridor (CPEC), for $ 60 billion, setting Beijing as the flagship infrastructure program in its program huge belt and its road recruits initiative.

Pakistan has sought to change the CPEC to focus projects on social development rather than infrastructure.

After visiting Beijing, Khan will be an important speaker at an important import fair in Shanghai. An event known by China as an opportunity to show the world that the country welcomes foreign companies and their products.

Khan is in China amid riots at home over the acquittal of a Pakistani Christian woman on death row for blasphemy, which has led an ultra-Islamic party to block roads in protest.

| Edited by: Nitya Thirumalai

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