AT a time when our Western friends seem to be in no mood to help Pakistan secure the much-needed bailout, the time-tested friend China has once again came to our rescue as it provided $1 billion on Friday, which took the country’s depleting foreign exchange reserves back to $4 billion. Apart from this, the government also expects to refinance another commercial loan of $300 million from China in the near future.
This tangible development comes in the backdrop of a statement made by Finance Minister Ishaq Dar that the Chinese fully understood politics was being played with Pakistan on the issue of the IMF package. The timely assistance of China explains all the difference between the relationship that Pakistan has with some powerful countries and the one it enjoys with Beijing. While some friends are silently watching as Pakistan inches towards a default, China is extending practical and effective cooperation to keep Pakistan’s economy afloat. The Chinese commitment to the welfare and progress of Pakistan is also reflected in their decision to entertain Islamabad’s plea to waive the prepayment penalty that is typically charged when a borrower decides to repay ahead of schedule as Pakistan did in the case of $1 billion loan that was paid back 18 days before the scheduled date. People of Pakistan would always remember friendly gestures of China that mean much as the country is facing enormous difficulties in securing external financing because of the stubborn attitude of the IMF.
