Pakistan to approach China to restructure its $15 billion energy debt

Pakistan has decided to approach its all-weather ally China with a formal request to restructure its USD 15 billion energy debt to help the cash-strapped country wriggle out of its financial woes.

Planning Minister Ahsan Iqbal and Finance Minister Muhammad Aurangzeb would visit China this week, the Express Tribune newspaper quoted highly placed sources as saying.

While Iqbal's visit was pre-planned, the finance minister is being sent as Prime Minister Shehbaz Sharif's special messenger, they added.

Iqbal is scheduled to attend the Global Development Initiative forum to be held in China from July 11 to 13.

As the finance minister's visit was not scheduled earlier, Pakistan's ambassador to Beijing has been instructed to arrange meetings with Chinese authorities, said the sources.

A Cabinet member, speaking on condition of anonymity, confirmed that the premier decided the issue of Chinese Independent Power Producers' (IPP) debt should be immediately taken up for re-profiling.

Accord