Prime Minister Shehbaz Sharif of Pakistan has made significant moves to secure a $7 billion economic bailout from the International Monetary Fund (IMF). In a bid to ease foreign exchange outflows and consumer tariffs in the energy sector, Sharif has requested debt reprofiling from China, Saudi Arabia, and the UAE, totaling over $27 billion. This request includes converting imported coal-based projects to local coal and restructuring energy sector liabilities to create fiscal space.
Sharif also highlighted the importance of Pakistan-China relations, specifically praising China for its investments in the energy sector through the China-Pakistan Economic Corridor (CPEC). He mentioned efforts to implement structural reforms to reduce circular debt, emphasizing the government’s commitment to providing relief to consumers.
Additionally, Sharif announced that Chinese citizens will be exempt from visa fees starting on August 14, further strengthening bilateral ties between the two countries. The collaboration between Pakistan and China in various sectors such as mines, minerals, information technology, and industrial zones aims to boost the local economy.\
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