Will not sign any loan pact with China under BRI during visit: Nepal PM K P Sharma Oli

KATHMANDU: Nepal PM K P Sharma Oli on Monday said no agreement on loan would be reached during his official visit to China on Dec 2.

During a meeting with former PMs and foreign ministers, Oli claimed the Belt and Road Initiative signed with China was not a loan-based agreement and there was no need to discuss now whether or not to seek a loan from China. "We take loans or grants based on our national interests as and when we need them from any country or agency. We should not be swayed by the baseless rumour that loan is being taken to entrap the country," Oli clarified. "We have a long and friendly relationship with China. I am visiting the northern neighbour to make the friendship further multi-dimensional."

"Irrespective of the country we chose for our first visit, we keep sovereignty, independence and freedom as well as national welfare along with global welfare in top priority," he said. Oli's remarks came amid speculations Nepali Congress favours grants from China under BRI while CPN UML's priority is to seek loans under the arrangement.

Oli said Nepal had the same friendly ties with India, and underlined the need to take benefit of cordial ties with both countries for Nepal's economic development.