China is to provide eight submarines to Pakistan in a multi-billion dollar deal, which is touted to be the largest-ever defence contract signed by Beijing with any nation so far.
According to The Express Tribune, the Pakistani government did not provide any details and even declined to confirm the size of the transaction, despite the magnitude of the agreement. However, the composition of the Chinese delegation, with whom the agreement was reached, suggested that the accord involved purchase of eight submarines.
Sources in the finance ministry said that the payments would be made to China in four instalments and the delivery of the submarines will be made in the coming years.
They added that the accord would undergo a final review by higher authorities in Beijing, following which a formal agreement would be signed.
In a briefing to the parliament in April this year, Pakistan's defence ministry had said that they were negotiating a deal for acquisition of submarines from China. In the same month, the UK-based Financial Times had quoted a senior retired official as saying that the contract would be worth USD four-five billion, the largest defence deal ever by China.
