- The Chinese dragon’s pole, which calls Pakistan its ‘iron brother’, is now seen to be open.
- Poor Pakistan requested China to reorganize its $ 3 billion debt
- China has rejected Pakistan’s request and said it will not change the terms
The Chinese dragon’s pole, which calls Pakistan its ‘Iron Brother’, is now seen to be open. Pakistan, which is in a state of poverty, had requested China to reorganize its $ 3 billion debt. China has rejected Pakistan’s request. Actually, Pakistan wanted China to waive the loan given for the
According to the Asia Times report, China has invested around $ 19 billion on an energy plant built in Pakistan. China rejected Pakistan’s request to reorganize the agreement on energy procurement and said Chinese banks would have to change their terms and conditions for any debt relief. Chinese banks are not ready to change any of the terms of the earlier agreement with the government of Pakistan.
Pakistan’s danger of default under debt burden
Pakistan’s PM Imran Khan’s party PTI senator and industrialist Nauman Wazir said that at the time the National Electric Power Regulatory Authority allowed the private sector to produce energy, the tariff was much higher. He said that it was revealed in an investigation involving Pakistan’s power sector. Pakistan is under threat of default due to debt burden.
Pakistan had a total debt of $ 294 billion as of December 30, 2020, which is 109 percent of its total GDP. Economic experts say that this ratio of debt and GDP could be up to 220 percent by the end of 2023. This is the same year that the five years of the Imran Khan government will be completed. Before assuming power, Imran Khan had promised in the election campaign that he would create a new Pakistan that would not beg the world for debt.
Imran Khan walking around with a bowl of begging: Bilawal
Contrary to his claim, Imran Khan has trapped Pakistan in a debt trap. For this reason, he is now also the target of opposition parties. Bilawal Bhutto Zardari, chairman of the Pakistan People’s Party, attacked Prime Minister Imran Khan vigorously in the recent past. Bilawal said that Prime Minister Imran Khan is roaming around the world with a bowl of begging and mixing the reputation of Pakistan in the soil. He said that Imran Khan has made Pakistan a slave to international lending countries and organizations.
Bilawal said on Thursday that the future of the country is at stake with Imran Khan’s move. The PPP leader said, ‘PM Imran Khan is going to Washington, Riyadh, Dubai and Beijing with a’ begging bowl ‘. This has ruined the reputation of the country. He said that Imran Khan is running the economy of the country by taking loans, which has posed a threat to many generations. PPP leader Bilawal said that in the year 2021, Imran Khan has taken a loan of $ 10 billion, which has increased the total debt by 35%. Pakistan’s external debt has increased from $ 95 billion to $ 116 billion during Imran Khan’s tenure.