Pakistan has asked China to keep lending it money to avert a foreign currency crisis, warning that Beijing’s planned $60bn investment in the south Asian country was at risk if it failed to do so.
Pakistan borrowed $4bn from China in the year ending June 2018, according to government officials, and wants to keep the money flowing to avoid having to ask the International Monetary Fund for a bailout.
Officials in Islamabad have warned their Chinese counterparts that, if the lending dries up, it could threaten the future of the China-Pakistan Economic Corridor (CPEC), the cornerstone of President Xi Jinping’s “Belt and Road” initiative.
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