Pakistan Looks for Financial Bailout
Pakistan’s Prime Minister “Imran Khan” started his 4-day journey on Friday, 2 November, to meet the President of China to gain financial support.
Pakistan is going through a catastrophic time as it has “hit a low” in revenue and current account deficiency. The economy needs to overcome a shortfall after foreign exchange reserves dominated more than 40 percent this year. The current account deficiency widened and the currency lost a quarter of its value since December.
Pakistan wants to build a relationship with China. The President of China stated that he is willing to “build a new era of China-Pakistan destiny.” Pakistan has had financial ties with China for a long time.
A bailout is the only option left for Pakistan to plunge out from this distressed situation. China is holding out a helping-hand for Pakistan. Pakistan is reaching out to different countries to gain funds. So that it does not entirely depend on a single country or source.
Imran Khan stated that he also wants to learn how to terminate poverty and corruption from China.