China's support was crucial in securing IMF deal, says PM Shehbaz

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Prime Minister Shehbaz Sharif said on Wednesday that Pakistan’s recent agreement with the International Monetary Fund (IMF) would not have been possible without the financial and diplomatic support extended by China.

Addressing a ceremony in Islamabad for agriculture graduates selected for training in China, PM Shehbaz Sharif described Beijing as Pakistan’s “most sincere friend” and credited the country with playing a decisive role in stabilising Pakistan’s struggling economy.

The prime minister acknowledged China’s continued economic partnership, particularly noting the one-year extension of a $2 billion loan repayment last month, which provided much-needed relief for Pakistan’s foreign exchange reserves.

Pakistan secured a $7 billion bailout package from the IMF in September 2024 to avert a balance of payments crisis. A staff-level agreement was reached in March 2025 after a successful review of the programme’s first tranche, with China’s backing seen as critical to the deal’s completion.

PM Shehbaz said China had consistently supported Pakistan’s economy through investments in infrastructure, energy and industrial projects under the China-Pakistan Economic Corridor (CPEC), which he once again described as a “lifeline” for the country.

The prime minister reaffirmed his government’s commitment to overhauling the agriculture sector, calling it essential for ensuring national food security, boosting export potential, and improving livelihoods in rural areas.

As part of a government initiative to strengthen the sector, 1,000 Pakistani agriculture graduates will receive training in China in modern farming techniques, digital crop management and climate-resilient practices. The first group of 300 graduates is set to depart soon for a three-month programme, followed by two additional batches in phased training over the next year.

During the event, Sharif congratulated the outgoing students and expressed hope that their training would directly contribute to agricultural innovation and productivity once they return.

Chinese Ambassador Jiang Zaidong, who also attended the ceremony, praised Pakistan’s economic progress over the past year and reaffirmed Beijing’s commitment to bilateral cooperation. He said China would continue to work closely with Pakistan, particularly in modernising its agricultural sector.

Jiang said Chinese President Xi Jinping attached great importance to Pakistan’s development and the long-standing partnership between the two nations.