Pakistan PM hails China as 'most sincere friend', says IMF agreement not possible without Beijing’s support

Islamabad: Terming China as Pakistan’s “most sincere friend”, Prime Minister Shehbaz Sharif on Wednesday said that the recent agreement with the IMF would not have been possible without Beijing’s support.

He was addressing a ceremony here for agriculture graduates selected for training in China. Under the programme, 1,000 Pakistani agriculture graduates will receive training in China in modern farming techniques, digital crop management and climate-resilient practices.

The first group of 300 graduates is set to depart soon for a three-month programme, followed by two additional batches in phased training over the next year.

Prime Minister Sharif acknowledged China’s continued economic partnership, particularly noting the one-year extension of a $2 billion loan repayment last month, which provided much-needed relief for Pakistan’s foreign exchange reserves.

The support by China, Saudi Arabia and the UAE helped to get a $7 billion bailout package from the International Monetary Fund (IMF) in September 2024 to avert a balance of payments crisis and the prime minister highlighted the role of China during the ceremony.

“China is Pakistan’s most sincere friend and it played a decisive role in stabilising Pakistan’s struggling economy,” he said, adding that the recent loan extended by the IMF was not possible “without support of China”.

Recalling his last visit to China, Sharif said that he was much inspired by the research work in various fields of the agriculture sector during his visit to Chinese universities.

“I decided then to send 1,000 young Pakistani agri graduates to benefit from this great experience,” he said.

He also said that China had consistently supported Pakistan’s economy through investments in infrastructure, energy and industrial projects under the China-Pakistan Economic Corridor (CPEC), which he once again described as a “lifeline” for the country.

Chinese Ambassador Jiang Zaidong, in his address on the occasion, praised Pakistan’s economic progress over the past year and reaffirmed Beijing’s commitment to bilateral cooperation.

He said that China under CPEC had made a direct investment of around $35.4 billion, reflecting the strong relationship between the two countries.

The ambassador also said China would continue to work closely with Pakistan, particularly in modernising its agricultural sector, adding that President Xi Jinping attached great importance to Pakistan’s development and the long-standing partnership.