LOC20:41
17:41 GMT
ISLAMABAD, Nov 13 (KUNA) -- Amid looming economic crisis forcing the
country to look towards tough IMF bailout package, Chinese government has
agreed to extend USD 500 million financial assistance to Pakistan.
A brief statement by the Pakistani Finance Ministry here on Thursday said
that following President Asif Ali Zardari's visit to China, the Chinese
government had agreed to extend the assistance.
This gesture by China bears testimony to the brotherly relations between
the two countries, it said.
The statement said that the financial assistance was in addition to the
deposit of USD 500 million already placed by Chinese government with the State
Bank of Pakistan (SBP) in June, 2008.
Meanwhile, the meeting of Friends of Pakistan (FOP) is set to be held on
November 17th in Abu Dhabi, said foreign office spokesman Muhammad Sadiq while
talking to reporters here.
He said the meeting will decide the modalities and agenda for the Foreign
Ministers meeting of the group being held later on.
He underlined that the FOP group was not a donor group. It is essentially a
support group of friendly countries to a democratic Pakistan, the spokesman
noted.
The group would support Pakistan in the international arena, promote
foreign investment and help in increasing its export, he said, adding that
there were no plans of cash assistance.
FOP groups Britain, France, Germany, the United States, China, the United
Arab Emirates, Canada, Turkey, Australia and Italy plus the United Nations and
the European Union.
The foreign ministers of the group met in September on the sideline of a UN
session and pledged development aid as a means of stabilizing Pakistan.
Islamabad has formally sought politically-unpopular USD nine billion
emergency assistance from the International Monetary Fund (IMF). (end)
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KUNA 132041 Nov 08NNNN