China earthquake delays 500 million dollars in aid to Pakistan

[fatman17]

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South Asia News
China earthquake delays 500 million dollars in aid to Pakistan

May 28, 2008, 6:12 GMT

Karachi - Cash-strapped Pakistan is likely to see further problems in its balance of payments as China has delayed its 500 million dollars of aid, officials said Wednesday.

Pakistan expected to receive the aid by last week but has not received it yet, officials in the finance ministry told Deutsche Presse-Agentur dpa.

They said no reason was given by China, but the May 12 earthquake that is thought to have killed at least 80,000 people was probably a factor in the delay.

China last month promised 500 million dollars to Pakistan to support rising import payments caused by soaring international oil prices. The amount was part of a 3.5-billion-dollars in overall aid that the Muslim republic expected from various donors before its fiscal year ends on June 30.

The central bank governor, Shamshad Akhtar, in a televised interview this week expressed her doubts on achieving the aid target.

Pakistan is struggling to maintain its fragile foreign reserves. Its trade and budget deficits caused the rupee currency to devalue more than 14 per cent within a span of 10 months, one of the highest depreciations in eight years.

The central bank has lost over 4.5 billion dollars during the last five months from the peak of 16.48 billion on October 31 to 11.8 billion dollars last week, officials said.

 

[Mohammed Azizuddin]

Karachi - Cash-strapped Pakistan is likely to see further problems in its balance of payments as China has delayed its 500 million dollars of aid, officials said Wednesday.

Pakistan expected to receive the aid by last week but has not received it yet, officials in the finance ministry told Deutsche Presse-Agentur dpa.

They said no reason was given by China, but the May 12 earthquake that is thought to have killed at least 80,000 people was probably a factor in the delay.

China last month promised 500 million dollars to Pakistan to support rising import payments caused by soaring international oil prices. The amount was part of a 3.5-billion-dollars in overall aid that the Muslim republic expected from various donors before its fiscal year ends on June 30.

The central bank governor, Shamshad Akhtar, in a televised interview this week expressed her doubts on achieving the aid target.

Pakistan is struggling to maintain its fragile foreign reserves. Its trade and budget deficits caused the rupee currency to devalue more than 14 per cent within a span of 10 months, one of the highest depreciations in eight years.

The central bank has lost over 4.5 billion dollars during the last five months from the peak of 16.48 billion on October 31 to 11.8 billion dollars last week, officials said.

 

[Mohammed Azizuddin]

There are also reports that the Jf-17 fighter jet production could further be delayed as the production lines , the various component manifacturing units and the main R&D centre were completely destroyed in the massive earthquake. The earthquake may have a big effect indirectly on Pakistan.

 

[zhengfei]

we will offer what we have promised,just a matter of time .pakistan and his people are our friends for ever!!!!!!!!!!!!!!!

 

[Cheetah786]

There are also reports that the Jf-17 fighter jet production could further be delayed as the production lines , the various component manifacturing units and the main R&D centre were completely destroyed in the massive earthquake. The earthquake may have a big effect indirectly on Pakistan.

None of the production lines for jf 17 is destroyed hate to disaapoint you but i suggest u might wanna kool it with your wet dream Reports and its all on schedule as planned.
been noticing any thing anti Pakistan u jump all over it and go as far as to make things up just to satisfy your hunger to bad name Pakistan.we in pakistan must be doing some things right that its burning our neighbour couldnt be happier.

If you are any indication of the ummah Pakistanis talk about boy am i glad i never fell for that crap.

 

[Mohammed Azizuddin]

None of the production lines for jf 17 is destroyed hate to disaapoint you but i suggest u might wanna kool it with your wet dream Reports and its all on schedule as planned.
been noticing any thing anti Pakistan u jump all over it and go as far as to make things up just to satisfy your hunger to bad name Pakistan.we in pakistan must be doing some things right that its burning our neighbour couldnt be happier.

If you are any indication of the ummah Pakistanis talk about boy am i glad i never fell for that crap.

ccording to the reports, Significant damage has been done to China's defense industry by the earthquake, specifically the Chengdu aerospace complex that is just northwest of the city and comprises a large production facility, the largest military aircraft design center in all of China, and a jet engine production plant. This conglomerate designed and now produces the Jian-10 (J-10)/FC-20 single-engine medium weight fighter that is considered to be the most advanced in China's inventory, and the FC-1/JF-17 lightweight fighter that is produced in cooperation with Pakistan[46]. This may delay the manufacture of the fighter and also possibly its future Chinese engine WS-13.

As for the matter of being happy on bringing a bad name to Pakistan, I am not that kind of a person who becomes happy when somebody else is suffering, I am not of that mindset....I pray for my victory rather than pray for enemy's defeat!!!