Pakistan PM Shehbaz Sharif Flies to China to Beg for More Loans

Pakistan Prime Minister Shehbaz Sharif is on a five-day visit to China with hopes of getting more loans, infra deals as well as to speed up the ongoing projects under the China-Pakistan Economic Corridor (CPEC).

During his China visit, Shehbaz Sharif will visit Beijing, Xi’an and Shenzhen and hold meetings with the top leadership in Beijing. Cash strapped Pakistan is increasingly reliant on China and hopes to sign more investment agreements, speeding up delayed projects under the CPEC.

Pakistan will also seek more loans from China to stabilize its jeopardized economy. Pakistan is trying to get at least $600 million in commercial loans from China. Earlier China had denied the loan amount to Pakistan due to Islamabad’s failure to honour the energy framework agreement.

CPEC remains a key component of China’s Belt and Road Initiative (BRI). The $62 billion project was formally launched in 2015 and was termed as a game changer for the cash-strapped Pakistan’s economy. The project includes the flagship Gwadar Port, power plants and road networks across Pakistan.