The $7 billion loan agreement with the International Monetary Fund would not have been possible without “very generous and active support” from the Government of China, Finance Minister Muhammad Aurangzeb said on Sunday.

“The discussion that I have had at the personal level with the finance minister of China and the governor of PBOC […] we remain extremely grateful,” he told Aaj News anchorperson Shaukat Piracha. His interview was aired on Rubaroo.

Aurangzeb was at the Islamabad Chamber of Commerce event in Islamabad.

Pakistan and the IMF reached an agreement on the 37-month loan programme in July. The IMF said the programme is subject to approval from its executive board and obtaining “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners”.

The South Asian country has also taken loans from commercial banks, foreign lenders, and friendly countries to improve the economy.

Prime Minister Shehbaz Sharif said last month that “friendly” countries have helped Pakistan meet the requirements necessary to secure an IMF bailout.

Aurangzeb went on to add that cooperation with China started way before the China-Pakistan Economic Corridor when the country built the Tarbela Dam.

When asked about the Chinese premier’s visit to Pakistan, the finance minister said: “It’s a huge honour and privilege that Premier Li is going to be here in Pakistan. We had the distinct pleasure and privilege of meeting him and President Xi when we were led by Prime Minister Shehbaz Sharif in Beijing.”

He added that it was Pakistan’s turn to give the same amount of reception to the Chinese delegation that they received in China.

In response to the SCO summit and the Saudi Arabia delegation’s visit to Pakistan, Aurangzeb said: “I will speak in layman’s terms that the foundation has been laid. This is where we have come to a very solid foundation. There is no room for complacency.”