China urges creditors to play 'constructive role' in Pakistan's economic stability

ISTANBUL

Amid Pakistan's crippling financial issues, China has called on creditors to play a “constructive role” in Islamabad’s efforts to achieve economic and social stability.

"The Western-dominated commercial creditors and multilateral financial institutions account for the lion's share of developing countries' debt," China's Foreign Ministry spokeswoman Mao Ning said on Thursday, in response to global rating agencies downgrading Pakistan's economic outlook.

“China calls on concerted efforts from all parties to play a constructive role in Pakistan’s economic and social stability efforts,” Mao said.

Global rating agencies Moody’s and Fitch have cut Pakistan’s sovereign credit rating and long-term foreign currency issuer default rating to Caa3’ and CCC+, respectively.

“China and Pakistan are all-weather strategic and cooperative partners and iron brothers. The two sides have always shared weal and woe together and supported each other,” the spokeswoman said.

“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 said, accusing “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 did not name any country.