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China vows to help cash-strapped Pakistan
Beijing (AFP) Oct 17, 2008 China vowed Thursday to do what it could to help cash-strapped Pakistan avert financial disaster as Islamabad's leader continued an official visit aimed at rustling up crucial Chinese investments. The promise came as Premier Wen Jiabao met Pakistani President Asif Ali Zardari, who is on his first official visit abroad after being elected in September. "As a long friend of Pakistan, China understands it is facing some financial difficulties," foreign ministry spokesman Qin Gang told reporters. "We're ready to support and help Pakistan within our capability." Zardari met Chinese counterpart Hu Jintao on Wednesday in a meeting in which the two sides pledged to strengthen decades-old ties and signed 11 bilateral agreements, one on unspecified economic cooperation. The Financial Times newspaper has reported, without citing sources, that Zardari would seek a soft loan of between 500 million and 1.5 billion dollars from China to help Pakistan avoid looming bankruptcy. However, Qin offered no specifics on the form that Beijing's financial help would take. China's state news agency Xinhua late Thursday released the full text of a joint statement between China and Pakistan which covered economic cooperation and foreign policy issues but was short on details. "Pakistan appreciated the strong support and assistance provided by the government and people of China to Pakistan in its economic development," the joint statement said. Pakistan's ambassador to China, Masood Khan, said earlier this week in an interview with Pakistan television station Geo an agreement on a civilian nuclear pact with China could be reached during the trip. But Qin declined to give any details on the agreements made so far. "I'm not aware of the specifics of the deals signed," he said. China's foreign ministry had earlier confirmed the nuclear issue would be discussed but gave no specifics. The joint statement quoted by Xinhua highlighted the importance of Pakistan-China ties. "Pakistan stressed that (the) Pakistan-China relationship is the cornerstone of its foreign policy, and friendship with China represents the common desire of all Pakistani people," it said. Zardari inherited nearly empty government coffers and huge security problems from Islamic extremists. The global financial crisis has pushed Pakistan closer to the brink and reports, denied by Islamabad, claim the country faces bankruptcy as soon as February. If a nuclear agreement were signed, it would come after the United States last week agreed with India, Pakistan's rival, to allow sales of civilian nuclear technology to New Delhi for the first time in three decades. China has long been one of Pakistan's closest regional partners, with Beijing looking to Islamabad as a counterbalance to India. Community Email This Article Comment On This Article Share This Article With Planet Earth
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