Prime Minister Shehbaz Sharif said on Sunday that he has formally requested China to reschedule Pakistan’s debt for a period of five years.

“We hope that the Chinese government will positively respond to this request,” he said while talking to a group of reporters who recently visited China at the government’s invitation.

Last week, the premier told his cabinet members that he has written a letter to the Chinese government seeking debt reprofiling for Pakistan as the country takes steps to secure the International Monetary Fund bailout package. PM Shehbaz added that Chinese President Xi Jinping had shown “keen interest in his idea” of using local coal to cut down imports.

In his first press conference after visiting China, Finance Minister Muhammad Aurangzeb told reporters that the country has sought the reprofiling of more than $27 billion in debt and liabilities with friendly nations — China, Saudi Arabia, and the UAE — to secure $7 billion loan programme from the Fund.

Debt reprofiling refers to “modifications of the aggregate schedule of future country repayments through refinancing, debt substitution, or renegotiations,” according to the World Bank.

In Lahore on Sunday, PM Shehbaz told journalists that multiple Chinese companies would be investing in Pakistan in the coming period. “The prosperity of the Chinese people is rooted in their unity, which the Pakistani people must also emulate to achieve their economic development goals.”

Moreover, the premier said that he was “fully aware” of the issues surrounding inflation and electricity and reviewing the priorities related to independent power producers (IPPs).

“Households using up to 200 units of electricity will be provided relief,” he said.

Many economic experts blame the past governments for signing expensive power agreements with the IPPs. According to economist Kaiser Bengali, the government was even paying for the electricity that was not produced.

The economist stated that the cost-plus revenue, capacity payments, and dollarised payments to IPPs were also a disaster.

The journalists informed the premier about the “success” of their China visit, which was organized by the China Public Diplomacy Association. The journalist delegation included Shehryar Hasnat, Salman Ghani, Amir Mir, Khizar Gondal, Khalid Hussainain, Azam Malik, and Abdul Muti. They visited Beijing, Shenzhen, and Guangzhou on the invitation of the Chinese government.

PM Shehbaz hailed Pakistan’s friendship with China and claimed that he was able to achieve “important objectives during his recent visit to the neighbouring country.

He went on to add that there would be no compromise on the security of Chinese residents working in Pakistan. He emphasised that the government and its institutions “are on the same page when it comes to the protection of Chinese nationals, considering it their responsibility.”

The premier also reaffirmed the government’s commitment to the China-Pakistan Economic Corridor (CPEC) project. “CPEC will continue, and the incumbent government’s effort is to complete the CPEC projects as soon as possible during their tenure.”