Chinese loans to Pakistan exceed IMF, WB loans
China, the iron friend of Pakistan, accounts for 30 per cent of its external debt. It has advanced more aid than the Brettonwoods twins to the land of the pure.
Pakistan, which is implementing BRI show piece, the China Pakistan Economic Corridor, owes China about $30 billion, up by $4.6 billion from $25.1 billion in February. China provides three times as much financing support to Pakistan as the IMF and more loans than the World Bank or the Asian Development Bank.
The debt profile shows that China is playing a role similar to that of the IMF, providing loans to tide over balance-of-payments crisis, rather than concessional project aid like the World Bank. China’s balance of payments debt support has continued, with loans to Pakistan carried forward on a regular basis. This year China has carried forward more than $4 billion in loans.
Pakistan received a bailout from the IMF this week to avoid an imminent default and received additional support from friendly countries. Arab countries such as Saudi Arabia have pledged $9 billion in investments and loans.
Pakistan’s central bank said external debt accounted for 36 per cent of the country’s total debt burden###.
-
Book Shelf
- Book Review DESTINY OF A DYSFUNCTIONAL NUCLEAR STATE
- Book ReviewChina FO Presser Where is the fountainhead of jihad?
- Book ReviewNews Pak Syndrome bedevils Indo-Bangla ties
- Book Review Understanding Vedic Equality….: Book Review
- Book Review Buddhism Made Easy: Book Review
- Book ReviewNews Elegant Summary Of Krishnamurti’s teachings
- Book Review Review: Perspectives: The Timeless Way of Wisdom
- Book ReviewNews Rituals too a world of Rhythm
- Book Review Marx After Marxism
- Book Review John Updike’s Terrorist – a review
-
Recent Top Post
- NewsTop Story What Would “Total Victory” Mean in Gaza?
- CommentariesTop Story The Occupation of Territory in War
- CommentariesTop Story Pakistan: Infighting in ruling elite intensifies following shock election result
- CommentariesTop Story Proforma Polls in Pakistan Today
- CommentariesTop Story Global South Dithering Away from BRI
- News Meherabad beckons….
- CommentariesTop Story Hong Kong court liquidates failed Chinese property giant
- CommentariesTop Story China’s stock market fall sounds alarm bells
- Commentaries Middle East: Opportunity for the US
- Commentaries India – Maldives Relations Nosedive
AdSense code