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07 November 2018, 07:20 | Darnell Patrick
Pakistan's current account deficit widened 43% to $18 billion in the fiscal year that ended in June, while the fiscal deficit has ballooned to 6.6% of gross domestic product.
During his visit, Prime Minister Khan held talks with President Xi Jinping and Premier Li Keqiang mainly focussing on seeking China'sloans to tide over serious financial crisis faced by Pakistan.
The Chinese Foreign Ministry did not give a clear answer when asked about it. "I want to make that clear in unequivocal terms that we do not have any balance of payments crisis now", said Umar, who accompanied Khan to China. We enjoy a very good relationship.
"In the light of Pakistan's need in future as per the mutual agreement, we will continue to help economically and in other sectors", Hua added.
Before his visit to China, Umar had said that at present Pakistan faced a total of United States dollars 27 billion deficit which included USD nine billion debt repayment this year.
Khan was in Beijing seeking financial aid to help end a spiralling balance of payments crisis after securing US$6 billion in support from Saudi Arabia and before Pakistan sat down to talks with the International Monetary Fund.
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Pakistan begins almost two weeks of talks with the International Monetary Fund on Wednesday over what would be the South Asian country's 13th IMF bailout since the 1980s to help it end a spiralling current account crisis.
Pakistan last month announced a $6 billion assistance package from Saudi Arabia, split into $3 billion in foreign currency support and a further loan worth $3 billion in deferred payments for oil.
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