'PM's China visit opens up new vistas of economic cooperation'

Imran Khan govt fires MD of Pakistan state-run TV after'Begging gaffe

Imran Khan govt fires MD of Pakistan state-run TV after'Begging gaffe

Last month, Saudi Arabia said it would provide Pakistan with a $6bn (€5.2bn; £4.6bn) rescue package, but officials have said it is not enough, and the country still plans to seek a bailout from the International Monetary Fund.

"Prime Minister Imran Khan's visit was very successful as it immediately provided very good opening in shape of the $1 billion facility", said Dawood, adding that Chinese Premier Li Keqiang had assured that if the facility was fully utilised by Pakistan, the facility would be raised to $2 billion in 2019.

Earlier on Monday, Foreign Minister Shah Mehmood Qureshi said he was feeling very confident after returning from a productive visit to China led by PM Imran Khan. The top Chinese leadership expressed their strong support and a task force was established by both sides to take the matters further.

According to the Ministry's spokesperson Hua Chunying, a number of achievements were made during the visit. China and Pakistan are iron brothers and together we will climb the highest mountains.

He said that the talks were not limited to a financial package, but also encompassed long-term partnership and investment with China.

A Pakistani delegation in Beijing is holding talks with Chinese officials today to finalise modalities for economic cooperation, Radio Pakistan reported.

Pakistan's foreign reserves have plunged 42 percent since the start of the year and now stand at about $8 billion, or less than two months of import cover.

Speaking on the occasion, Planning Minister Bakhtyar gave an update on CPEC.

Umar's comments of China's assistance came in the backdrop of criticism in the Pakistan media that Khan has returned home empty handed without securing firm commitment from Beijing as it remained circumspect due his past criticism of projects of China Pakistan Economic Corridor (CPEC), an ambitious project of President Xi.

During the visit, Pakistan and China signed 15 Memoranda of Understanding (MoUs) for bilateral cooperation in poverty alleviation, agriculture, industrial sectors, forestry, Earth science, technical training and transfer of electronics.