(Bloomberg) -- Pakistan is engaged in talks with China to expand cooperation as Islamabad struggles to roll out growth-oriented policies after staving off a debt default earlier this year.
“We are having a very broad-based conversation” that goes “beyond debt issues,” Pakistan’s Interim Prime Minister Anwaar-ul-Haq Kakar said in an interview with Bloomberg Television in New York on Thursday.
Kakar, whose caretaker government has a mandate to run the country until elections scheduled for early next year, said China is evaluating what type of “intervention would be helpful for our economic health.”
The talks between the nations come after Pakistan secured a $3 billion loan program with the International Monetary Fund in July after months of delays that brought it close to default. China has financed billions of dollars in power plants in Pakistan as part of the Belt and Road Initiative and extended loans to the country while International Monetary Fund negotiations were ongoing.
Kakar took office last month after former premier Shehbaz Sharif handed over power at the end of parliament’s five-year term. Since then, Kakar has introduced an economic overhaul aimed at shoring up the country’s finances, including the proposed privatization of state assets and a crackdown on illegal dollar trade.
Kakar said his interim government is determined to strengthen governance and curb cartels and mafias operating in everything from illegal currency trade to fuel and electricity theft.
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