China’s financial support helped stabilise Pak’s economy, says PM Shehbaz Sharif

Prime Minister Shehbaz Sharif on Tuesday expressed Pakistan’s deep appreciation for China’s consistent financial and economic support which has “stabilised Pakistan’s economy” and said Islamabad was committed to work with Beijing for the completion of various projects under the CPEC.

The over USD 60 billion China-Pakistan Economic Corridor (CPEC) connects Gwadar Port in Pakistan’s Balochistan with China’s Xinjiang province.

Sharif’s comments came during a meeting with Chinese ambassador Jiang Zaidong, according to an official statement here.

Recalling the historic, deep-rooted and iron-clad ‘All Weather Strategic Cooperative Partnership’ between Pakistan and China, the Prime Minister said that “Pakistan was fully committed to continue working closely with China for the successful implementation of ongoing CPEC projects.”

In this regard, he highlighted key projects including ML-I railway (Main Line-I) project to modernise the link between Peshawar and Karachi, realignment of the Karakoram Highway, operationalisation of the Gwadar Port, as well as cooperation in agriculture, industrial and IT sectors.

“The Prime Minister expressed Pakistan’s deep appreciation for China’s consistent financial and economic support that had helped to stabilise Pakistan’s economy and resulted in the improvement of the macro-economic outlook of the country,” the statement said.

“This was vital to the government’s socio-economic development agenda,” he added.

The CPEC, a global infrastructure and investment initiative by Beijing, was launched in 2013. It is considered the largest partnership of China’s Belt and Road Initiative (BRI). It increased to over USD 62 billion over time, and at least USD 25 billion was invested in cash-strapped Pakistan.

The CPEC is opposed by India as it is being laid through Pakistan-occupied Kashmir.

The regional security situation, particularly recent developments in the Iran-Israel conflict, was also discussed during the meeting between Sharif and Jiang.

The Ambassador lauded the “proactive and positive role” being played by Pakistan at every diplomatic forum, including at the UN Security Council, for a peaceful settlement of the crisis through dialogue and diplomacy, the statement added.

The Prime Minister also conveyed his warm regards and good wishes for President Xi Jinping and Premier Li Qiang, extending his sincere wishes for the successful holding of the SCO Summit.

He acknowledged the ongoing consultations between the two sides concerning his visit to China to attend the Summit.

Ambassador Jiang briefed the Prime Minister on various aspects of Pakistan-China bilateral cooperation and said that preparations had already begun to ensure the success of the Prime Minister’s upcoming visit to China at the end of August 2025.

– Ends