“The Western-dominated commercial creditors and multilateral financial institutions account for the lion’s share of developing countries’ debt. China calls on concerted efforts from all parties to play a constructive role in Pakistan’s economic and social stability efforts,” Chinese Foreign Ministry Spokesperson Mao Ning said at a routine press conference on Thursday in response to a question from Bloomberg on the current debt challenge faced by Pakistan.
Mao pointed out that the radical financial and monetary policies of a certain developed country and their serious spillover effects are the primary cause of the financial difficulties experienced by Pakistan and many other developing countries.
Mao said China and Pakistan are all-weather strategic and cooperative partners and iron brothers, and the two sides have always shared weal and woe together and supported each other.
“China has been in close economic and financial cooperation with Pakistan and supported its efforts to maintain economic stability, improve lives and achieve self-generated development,” Mao remarked.