China-Pakistan Strengthen Economic Ties Amid New MoUs and IMF Loan Approval

Chinese companies signed multiple MoUs with Pakistani counterparts at the 'Business Roundtable Conference' in Beijing, covering sectors like textile, technology, and agriculture. Meanwhile, IMF approved a $7bn loan for Pakistan. Discussions also took place to upgrade the China-Pakistan Economic Corridor, with future collaborations anticipated.

Chinese companies have inked various Memorandums of Understanding (MoUs) with Pakistani partners at the 'Business Roundtable Conference' held at the Pakistan Embassy in Beijing, Dawn has reported.

The agreements cover sectors including textile, technology, agriculture, and livestock, with 25 major Chinese firms expressing strong interest in investing heavily in Pakistan. Federal Minister for Board of Investment, Privatisation, and Communications Abdul Aleem Khan chaired the conference, which was attended by high-profile leaders, including Hong Kong Business Group Country Director Anna Su, Daming County Mayor Li Shuang, and Pakistan's Ambassador to China Khalil Hashmi, according to ARY News.

Simultaneously, the International Monetary Fund (IMF) has approved a new $7 billion loan for Pakistan. On the sidelines of the United Nations General Assembly, Pakistan's Prime Minister Shehbaz Sharif indicated that the country had met all IMF conditions, facilitated by support from China and Saudi Arabia, as per Al Jazeera. The country's external debt is over $130 billion, with almost 30% owed to China. Pakistan is due to repay approximately $90 billion in the next three years, with a major payment due in December. The nation is currently the IMF's fifth-largest debtor, owing $6.28 billion as of July 11.

(With inputs from agencies.)