PM’s China Visit is Important for Pakistan: Finance Minister

According to the Federal Minister for Finance and Revenue, Shaukat Tarin, the prime minister’s visit to China is very important for Pakistan, both politically and economically.

Discussing key economic indicators in a video interview before heading off to China, Federal Minister Tarin stated outright that “we will ask China to help us.”

Discussing prior events, which have impacted Pakistan’s progress in recent times, Finance Minister Tarin said, “The sixth installment of the International Monetary Fund (IMF) has been approved. The IMF agrees with the current government’s economic policies, and now, we are going to China. This visit is not only of political significance, but it will also be an important visit for the development of our economy.”

The minister remarked that China should transfer its industry to Pakistan, as it does in partnership with other countries. In this regard, he mentioned the spread of Special Economic Zones (STZs) across the China-Pakistan Economic Corridor (CPEC) as ideal avenues for the Republic to shift its industrial units. “China is setting up its industry all over the world. We will ask them to invest in Pakistan as well. Our STZs are ready,” stated Tarin.

He explained that the inclusion of the Chinese industry in Pakistan’s state-of-the-art STZs would benefit both countries.

On the flip side, Tarin revealed that Prime Minister Imran Khan intends to discuss Pakistan’s Agriculture Transformation Plan during his official visit to China. “Agriculture is very important to us, it is the backbone of our economic growth. Increasing agricultural production is the only way to develop the overall economy,” he added.

The Finance Minister’s remarks come following a tough round of negotiations with the IMF Executive Board for the resumption of its $6 billion loan program for Pakistan. With the review approved, the Government of Pakistan intends to fulfill its next target of floating large-scale proposals to neighbors China as a hedge against uncertain economic fallouts.

It is noteworthy that power projects will encompass a major portion of the talks. Pakistan is expected to present proposals to the Chinese government for reforms on contracts for power projects established under CPEC on the model of other Independent Power Producers (IPPs) or for the purchase of 1200-MW electricity from Pakistan as an overland power hedge for Afghanistan.

It has been determined that all suggestions pertaining to CPEC projects, their settlement mechanisms, and future engagements in many areas have been completed and made ready for the premier to discuss with his Chinese counterparts starting today (Thursday).

Source: Pro Pakistani