Islamabad/Beijing, April 17 -- Describing China as Islamabad's "most sincere friend", Pakistan Prime Minister Shehbaz Sharif said Beijing's diplomatic and financial support was crucial in his country getting the IMF loan.
On March 26, the IMF staff reached a deal with Pakistan for a new $1.3 billion arrangement and also agreed on the first review of the ongoing 37-month bailout programme.
Pakistan's financial situation has deteriorated considerably over the years, with its foreign exchange reserves dwindling sharply, often making them ineligible for meeting the IMF's demands for loans due to lack of reform in various sectors.
However, timely loans from China have helped Pakistan in taking loans from bodies such as the IMF, World Bank, ...