ISLAMABAD: China has hinted to provide Pakistan with a $6.3 billion debt until June 2023. The development came after the Prime Minister of Pakistan, Shehbaz Sharif, met the President of China, Xi Jinping, and the Premier of China Li Keqiang. The loan is likely to be obtained in the form of a commercial loan and central bank debt, as discussed between Finance Minister Ishaq Dar and Chinese Ambassador Nong Rong in an earlier meeting.
Another important highlight of the meeting was the agreement between the two sides to extend the multi-billion China-Pakistan Economic Corridor (CPEC) to Afghanistan. In a joint statement, the two sides agreed to accelerate the project of ML-1 by building upon the leadership consensus.
ML-1 is an integral project of the CPEC. China and Pakistan also agreed to implement the Karachi Circular Railway project.
Mr Sharif congratulated Xi Jinping on winning the position of general secretary of the Communist Party of China during the 20th Central Committee. He also thanked China for supporting Pakistan during the devastating floods and assisting the country with rehabilitation, reconstruction and relief work.