CPEC Crisis: China plays hard as Pakistan spirals deeper into debt trap | Deep Dive
4 years, 4 months ago

CPEC Crisis: China plays hard as Pakistan spirals deeper into debt trap | Deep Dive

India Today  

Political turbulence, foreign debt limits and the Covid-19 pandemic have all come together to slow down Chinese investment in Pakistan as Beijing holds off on projects under the $62 billion China-Pakistan Economic Corridor, including a $6.1 billion railway renovation plan. Internal Report in Pakistan Blames the Govt The Institute of Policy Reforms, a think-tank run by a senior leader of Pakistan’s ruling party, the Pakistan Tehreek-e-Insaf, has made a startling claim that “Pakistan has slipped into a debt trap due to the government’s failure to bring reforms and weak fiscal management, which has also raised national security concerns.” In a report published by the IPR titled ‘Pakistan’s debt and debt servicing is cause of concern’, the specifics behind the crippling economy and soaring debts and liabilities have been discussed, while the government has been criticised for weak fiscal management. The report recorded that Pakistan’s total debt and liabilities stood at 107 per cent of its GDP or Rs 44.5 trillion while gross public debt was equal to at least 87 per cent of the GDP during the last fiscal that ended June 2020. According to the report, over the course of two years, Pakistan’s foreign debt and liabilities have increased from $95.2 billion to $112.8 billion, an addition of $17.6 billion or 18.5 per cent. It also depends on how well the deals have been negotiated and structured.” “Pakistan has to build and upskill its technical base and manpower to best utilise these developmental projects.” Pakistan’s Increased Chinese Dependence China's opaque loans to Pakistan are also an impediment in Pakistan getting further loans from Western countries.

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History of this topic

Balochistan liberation and debt directly hitting China-Pakistan Economic Corridor
1 week, 2 days ago

Balochistan liberation and debt directly hitting China-Pakistan Economic Corridor

Firstpost  

Both the increasing debt and uncontrolled militancy will keep the pot boiling and Pakistan in a mess for some time to come The hijacking of the Jaffar Express train from Quetta to Peshawar by the Balochistan Liberation Army on 11 March 2025 was another blow to the Pakistan security establishment. While CPEC has the potential to transform Pakistan’s economy, it …

World Bank body chastises Pakistan as it allows army to lead power purchase talks
1 month ago

World Bank body chastises Pakistan as it allows army to lead power purchase talks

Firstpost  

The World Bank’s private finance division has slammed Pakistan’s military-led efforts to renegotiate contracts for wind and solar power, in a letter co-signed by seven other international development organisations that have funded projects in the country, according to a report Pakistan's national flag at the Mausoleum of Muhammad Ali Jinnah in Karachi, Pakistan on August 14, 2022. Reuters File The …

Pakistan Urges China To Reschedule Debt Worth $3.4 Billion Again: Report
1 month, 3 weeks ago

Pakistan Urges China To Reschedule Debt Worth $3.4 Billion Again: Report

ABP News  

Pakistan has reportedly requested China to reschedule the $3.4 billion debt for two years, The Express Tribune reported on Saturday. The Pakistani media agency citing official sources said that the officials requested the Export-Import Bank of China to reschedule the arrangement of its loans from October 2024 to September 2027. According to the IMF norms, Pakistan is required to find …

CPEC: How ‘all-weather’ China-Pakistan friendship faces most severe storm
1 month, 3 weeks ago

CPEC: How ‘all-weather’ China-Pakistan friendship faces most severe storm

Firstpost  

As CPEC stagnates and Pakistan pivots towards the US, Beijing is caught in a strategic conundrum of whether to continue sinking investments into an unstable partner or recalibrate its regional approach As Pakistan's debt obligations towards China keep mounting and insurgent threats persist, Islamabad’s ability to maintain its sovereignty over critical assets like Gwadar is increasingly in question. The Chinese …

Zardari in China but it's the same old story in Pakistan
Trending News
1 month, 3 weeks ago

Zardari in China but it's the same old story in Pakistan

Firstpost  

Zardari will fly down to China at a time when his country is grappling with economic and security issues, which indirectly poses a problem for Beijing which has ongoing projects there Pakistan’s President Asif Ali Zardari on Tuesday will begin his official five-day visit to China at the invitation of President Xi Jinping. This is the second time a high-ranking …

5 things about China-Pakistan ties as Zardari visits Beijing on Tuesday on 5-day tour
1 month, 3 weeks ago

5 things about China-Pakistan ties as Zardari visits Beijing on Tuesday on 5-day tour

Firstpost  

The ”discussions between leaders will encompass the full spectrum of Pakistan-China relations, with a particular focus on economic and trade cooperation; counter-terrorism and security collaboration, China-Pakistan Economic Corridor and future connectivity initiatives High-level Meetings with Chinese Leaders President Asif Ali Zardari will travel to China on Tuesday on a five-day state visit during which he will discuss a broad spectrum …

Pakistan’s reliance on Chinese-built power plants is strangling its economy
3 months, 3 weeks ago

Pakistan’s reliance on Chinese-built power plants is strangling its economy

Live Mint  

ISLAMABAD, Pakistan—When Muhammad Imtiaz received an electricity bill of over $120 last summer, he panicked. A decade ago, Pakistan, cripplingly short of power, turned to Beijing to build more than a dozen coal, solar and hydroelectric power plants as part of China’s huge infrastructure push in the country. Pakistan commissioned the Chinese power plants in 2015, yet it didn’t carry …

How attacks on Chinese working for CPEC projects dent China-Pakistan ties
4 months, 1 week ago

How attacks on Chinese working for CPEC projects dent China-Pakistan ties

Firstpost  

That the Chinese have felt the need to hire private security is perplexing when the Pakistan army has granted itself a huge rise in the budget ostensibly to take care of their security There appears to be some rusting in a certain ‘iron brother’ relationship. Just a day ago, Chinese Foreign Ministry spokesman Lin Jian, while reiterating the ‘all-weather friendship’ …

Pakistan Seeks Extended Debt Maturities to Ease Electricity Price Hikes
5 months ago

Pakistan Seeks Extended Debt Maturities to Ease Electricity Price Hikes

Live Mint  

Pakistan's finance minister expresses optimism over China's response to its request to lengthen maturities for debt involved in the Belt and Road Initiative. The country is seeking breathing room to lower electricity prices, which have been significantly higher in recent years. Pakistan has seen a period of stability after securing a new $7 billion loan program from the IMF, and …

Pakistan Wants China to ‘Reprofile’ Debt to Help Support Reforms
8 months ago

Pakistan Wants China to ‘Reprofile’ Debt to Help Support Reforms

Live Mint  

Pakistan has sought Chinese help to “reprofile” its debts with rollovers and maturity extensions to create more breathing room for economic reforms it’s seeking to enact under a new International Monetary Fund’s $7 billion loan program. Discussed with central bank officials during a recent visit to Beijing was a proposal to extend the maturity of debt for nine power plants …

Pakistan's new anti-terror initiative aimed at protecting Chinese projects: Report
9 months ago

Pakistan's new anti-terror initiative aimed at protecting Chinese projects: Report

Hindustan Times  

China's reported hesitation to invest in new projects under the China-Pakistan Economic Corridor stems largely from concerns about the security of its citizens and assets in Pakistan. According to a recent editorial in Dawn, the move underscores Pakistan's recognition of the importance of addressing China's security concerns, especially at a time when attracting foreign investment is critical for the country's …

China dictates Pakistani Military to launch operations against terrorists?
9 months, 3 weeks ago

China dictates Pakistani Military to launch operations against terrorists?

Op India  

Following the death of its five Chinese Engineers in an attack in March this year and similar casualties in earlier attacks, China has been mounting pressure on Pakistan to accept its humiliating demands. According to reports, Chinese Vice Foreign Minister, Sun Weidong held a meeting with Pakistani officials ahead of Pakistani PM’s five-day visit to China. In a press release, …

Sharif’s Beijing trip: Can China-Pakistan Economic Corridor be revived?
9 months, 3 weeks ago

Sharif’s Beijing trip: Can China-Pakistan Economic Corridor be revived?

Al Jazeera  

Islamabad, Pakistan – Pakistan’s Prime Minister Shehbaz Sharif is scheduled to fly to China on June 4 for a five-day trip that will see him engage with Beijing’s top leadership, at a time when Islamabad has come to increasingly rely on its alliance with the world’s second-largest economy. As Pakistan looks to similarly kick-start its economy from the doldrums, amid …

Pakistan PM Shehbaz Sharif to visit China next week to further boost bilateral ties
9 months, 4 weeks ago

Pakistan PM Shehbaz Sharif to visit China next week to further boost bilateral ties

The Hindu  

“Pakistan Prime Minister Shehbaz Sharif will embark on a five-day visit to China on June 4 to further strengthen bilateral ties,” the Foreign Office announced on May 31, as the all-weather allies seek to upgrade cooperation under the multi-billion dollar China-Pakistan Economic Corridor. The Prime Minister chaired a meeting in Islamabad on Friday on his upcoming China visit directed to …

China urges Pakistan to do its 'utmost' to protect Chinese workers after recurrent attacks
10 months, 1 week ago

China urges Pakistan to do its 'utmost' to protect Chinese workers after recurrent attacks

India TV News  

Beijing: China urged Pakistan to do its "utmost" to protect thousands of Chinese workers involved in the China-Pakistan Economic Corridor projects after recurrent attacks on Chinese personnel became a major headache for Beijing. The demand came as Pakistan's Deputy Prime Minister and Foreign Minister Ishaq Dar and Chinese Foreign Minister Wang Yi co-chaired the fifth round of the Foreign Minister-Level …

Rough Times in the China-Pakistan ‘All Weather’ Relationship
10 months, 2 weeks ago

Rough Times in the China-Pakistan ‘All Weather’ Relationship

The Diplomat  

As Pakistan steps up efforts to woo its closest allies into making a new round of investment in the country, it may find it difficult to convince China amid mounting security and trust concerns. The CPEC project, which included electric power plants, increased Pakistan’s transmission network’s length by around 1,000 kilometers and added an estimated 6,000 megawatts to the country’s …

New quality productive forces to power Pakistan and beyond, experts say
11 months ago

New quality productive forces to power Pakistan and beyond, experts say

China Daily  

By ZHAO JIA | chinadaily.com.cn | Updated: 2024-04-25 14:02 Aerial photo taken on April 9, 2022, shows a view of the Karot Hydropower Project in Punjab province, eastern Pakistan. Pakistani China observers refuted on Wednesday negative narratives against the Chinese economy, saying Beijing's pursuit of high-quality development focusing on developing new quality productive forces has and will continue to benefit …

Chinese firm lays off workers, halts operations in Pakistan after suicide attack
1 year ago

Chinese firm lays off workers, halts operations in Pakistan after suicide attack

Op India  

Following a tragic suicide bombing that killed five Chinese nationals in Khyber Pakhtunkhwa province, a Chinese company halted its civil construction operation, laying off hundreds of employees at a hydropower project in Pakistan. The Dasu hydroelectric project, where the tragic attack occurred, is located around 300 kilometres north of Islamabad and is being developed by China Gezhouba with World Bank …

China stands ready to work with Pakistan to upgrade CPEC project: Report
1 year, 2 months ago

China stands ready to work with Pakistan to upgrade CPEC project: Report

Hindustan Times  

Caretaker Prime Minister Anwaarul Haq Kakar said after having achieved the first phase of the CPEC, Pakistan is benefiting from its early harvest projects while remaining engaged with China to execute the next phase. HT Image Chinese foreign ministry spokesperson Wang Wenbin while answering a question during a briefing on Wednesday said, “China stands ready to work with Pakistan to …

China’s perspective on ties with Pakistan and CPEC’s prospects
1 year, 2 months ago

China’s perspective on ties with Pakistan and CPEC’s prospects

Hindustan Times  

This year marks a decade since the announcement of the China-Pakistan Economic Corridor. This brief analyses Chinese-language literature to understand the country’s current stance on Pakistan and the CPEC. China is keen for Pakistan to work on its internal stability and to creatively engage multiple stakeholders, particularly India and the US, to help successfully implement the CPEC and its larger …

Cash-strapped Pakistan secures $655 million Asian Development Bank package
1 year, 3 months ago

Cash-strapped Pakistan secures $655 million Asian Development Bank package

Firstpost  

Days after Finance Minister Shamshad Akhtar deemed Pakistan’s public debt unmanageable, the neighbouring country has already acquired a USD 655 million financing package from the Asian Development Bank, which includes a costly USD 300 million loan at market rates Days after Finance Minister Shamshad Akhtar deemed Pakistan’s public debt unmanageable, the neighbouring country has already acquired a USD 655 million …

Amid frequent violent attacks on its citizens, what the future holds for China’s Balochistan plans
1 year, 7 months ago

Amid frequent violent attacks on its citizens, what the future holds for China’s Balochistan plans

Firstpost  

As the unfolding events demand continued attention, the manner in which the State responds will undoubtedly shape the trajectory of Baloch nationalist actions and exert far-reaching implications on Chinese investments and regional stability On 13 August, 2023, a Chinese envoy faced an attack while en route to a construction site near Gwadar, Balochistan. These allegations, encompassing coerced evictions and notably …

China's Compulsions for LAC De-Escalation: ​India’s Infra to International Pressure
1 year, 7 months ago

China's Compulsions for LAC De-Escalation: ​India’s Infra to International Pressure

News 18  

As Prime Minister Narendra Modi on Thursday held talks with China’s President Xi Jinping on the sidelines of the BRICS Summit in South Africa, amid a stand-off between the two countries in Ladakh, government sources listed exclusively for News18 the reasons forcing Beijing to de-escalate the situation at the Line of Actual Control. According to Foreign Secretary Vinay Mohan Kwatra, …

ECONOMIC PERSPECTIVES | IMF’s urgent loan to Pakistan driven by the West’s paranoia over China
1 year, 7 months ago

ECONOMIC PERSPECTIVES | IMF’s urgent loan to Pakistan driven by the West’s paranoia over China

The Hindu  

Published : Aug 10, 2023 11:00 IST - 6 MINS READ On July 14, the shaky government of a debt-stressed Pakistan won itself a surprising reprieve from the IMF. Pakistan’s government has also succeeded in getting fund flows from “friendly” nations—$3.7 billion from bilateral partners such as Saudi Arabia and the UAE—and a roll-over of around $4 billion in loan …

Pakistan, China sign six agreements to expedite second phase of CPEC
1 year, 7 months ago

Pakistan, China sign six agreements to expedite second phase of CPEC

India TV News  

CPEC: Pakistan and China on Monday signed six documents to initiate the second phase of the China-Pakistan Economic Corridor projects under a new model, in an attempt to further cement the “friendship” between the “iron brothers”. Pakistan Prime Minister Shehbaz Sharif and Chinese Vice Premier He Lifeng participated in the signing ceremony to mark 10 years of the CPEC which …

Beijing has invested $25.4B in Pakistan over the last decade, Chinese vice premier says
1 year, 7 months ago

Beijing has invested $25.4B in Pakistan over the last decade, Chinese vice premier says

Associated Press  

ISLAMABAD — China has invested $25.4 billion in Pakistan over the past decade for projects ranging from roads to power plants, China’s vice premier said Monday, as the two countries celebrated the 10th anniversary of the so-called Belt and Road Initiative. In his televised remarks, Chinese Vice Premier He Lefing said Pakistan’s southwestern town of Gwadar was once just a …

Beijing has invested $25.4B in Pakistan over the last decade, Chinese vice premier says
1 year, 7 months ago

Beijing has invested $25.4B in Pakistan over the last decade, Chinese vice premier says

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

What is CPEC, the 'So-Called' China-Pakistan Economic Corridor that Turned 10 This Year?
1 year, 7 months ago

What is CPEC, the 'So-Called' China-Pakistan Economic Corridor that Turned 10 This Year?

News 18  

Chinese Vice Premier He Lifeng is scheduled to visit Pakistan to participate in a three-day ceremony commemorating the 10th anniversary of the China-Pakistan Economic Corridor project. The foundational agreement for the projects included in the China-Pakistan Economic Corridor was signed in 2013, with term sheets formalised during President Xi Jinping’s visit to Pakistan in 2015. Last year in September, when …

China Rolls Over $2.4 Billion Loan to Cash-Strapped Pakistan for Two Years
1 year, 8 months ago

China Rolls Over $2.4 Billion Loan to Cash-Strapped Pakistan for Two Years

News 18  

China has rolled over a USD 2.4 billion loan to its all-weather ally Pakistan for two years to help the cash-strapped country shore up its foreign exchange reserves, Finance Minister Ishaq Dar said on Thursday. “Chinese EXIM Bank has rolled over for 2 years principal amounts of following loans totalling US$ 2.4 billion which are due in next 2 fiscal …

Pakistan’s finance minister says China rolls over $2.4 billion loan for Islamabad for 2 years
1 year, 8 months ago

Pakistan’s finance minister says China rolls over $2.4 billion loan for Islamabad for 2 years

Associated Press  

ISLAMABAD — Pakistan’s finance minister on Thursday said China has rolled over a $2.4 billion loan for the cash-strapped Islamic nation for two years, a move aimed at helping the country overcome one of its worst economic crises. The latest extension in loan maturities by Beijing was a boost to Pakistan’s fragile foreign exchange reserves, which are still only enough …

10 years of China's Belt & Road project: South Asia barring India & Bhutan, in a bind over Beijing’s predatory tactics
1 year, 8 months ago

10 years of China's Belt & Road project: South Asia barring India & Bhutan, in a bind over Beijing’s predatory tactics

Firstpost  

Except for India and Bhutan, all South Asian countries are part of the BRI. Despite this, a closer look at their economic conditions shows that China’s BRI promises haven’t been fulfilled since the project started a decade ago. This year marks the tenth anniversary of China’s ambitious Belt and Road Initiative, a $1.4 trillion project initiated by Xi Jinping with …

China agrees to reschedule $2 billion debt of Pakistan
1 year, 8 months ago

China agrees to reschedule $2 billion debt of Pakistan

The Hindu  

China has agreed to reschedule more than $2 billion debt of Pakistan for a period of two years, providing a major relief to the cash-starved country, which is in the process of rebuilding foreign exchange reserves through fresh loans. The $6.5 billion is a publicly guaranteed debt, and more than $2 billion repayments were maturing in two years that China …

Bilawal Bhutto Denies Pakistan Is in China's Debt Trap, Says Beijing Provides 'Soft Loans'
1 year, 8 months ago

Bilawal Bhutto Denies Pakistan Is in China's Debt Trap, Says Beijing Provides 'Soft Loans'

News 18  

A day after IMF provided a long-awaited bail-out to cash-strapped Pakistan, Foreign Minister Bilawal Bhutto Zardari dismissed claims that his country is falling into China’s debt trap. In the Nikkei interview, Bhutto Zardari emphasized that most of China’s assistance to Pakistan comes in the form of investments or soft loans, refuting concerns of immediate default on debt despite the ongoing …

China helps Pakistan build defence infrastructure along LoC, says officials
1 year, 9 months ago

China helps Pakistan build defence infrastructure along LoC, says officials

India Today  

China has been helping the Pakistan Army build its defence infrastructure besides providing Unmanned Aerial and Combat Aerial Vehicles, setting up communication towers and laying underground cables along the Line of Control, officials said. This, according to the officials, is part of efforts to further shore up China's position as an all-weather friend of Pakistan while ensuring the safety of …

Pakistan signs whopping $4.8 billion nuclear project with China amid economic turbulence
1 year, 9 months ago

Pakistan signs whopping $4.8 billion nuclear project with China amid economic turbulence

India TV News  

Despite Pakitan facing an unprecedented financial crisis, its all-weather friend China on Tuesday inked an agreement worth a whopping $4.8 billion in order to set up a 1,200-megawatt nuclear power plant. Pakistan promises to complete project in time Earlier, President Xi Jinping's led government invested heavily in 3,000-km long infrastructure projects connecting China’s northwest Xinjiang Uygur Autonomous Region and the …

Pakistan receives $1 billion from China
1 year, 9 months ago

Pakistan receives $1 billion from China

The Hindu  

Cash-strapped Pakistan has received $1 billion from its close ally China to support its critically low foreign reserves amidst the uncertainty to revive a stalled International Monetary Fund loan. Earlier, Finance Minister Ishaq Dar said Pakistan had paid back $1 billion to China last Monday against a due amount of $1.3 billion and it was hoped that the amount would …

Pakistan PM Shehbaz Sharif says China will save the country from bankruptcy
1 year, 10 months ago

Pakistan PM Shehbaz Sharif says China will save the country from bankruptcy

Op India  

On Friday, May 26, Shehbaz Sharif, Pakistan’s prime minister, stated that an agreement with the International Monetary Fund has not been reached, but that China’s backing will be critical in keeping the country from default. PM Sharif stated in his address to industrialists and businesses in Karachi that Pakistan has ‘successfully fulfilled all of the rigorous conditions imposed by the …

Pakistan, China reiterate to continue cooperation on CPEC
1 year, 10 months ago

Pakistan, China reiterate to continue cooperation on CPEC

The Hindu  

A day after India criticised the China-Pakistan Economic Corridor, the Foreign Ministers of Pakistan and China on Saturday expressed their firm commitment to continue their cooperation on the multi-billion dollar infrastructure projects. “This corridor project remains a win-win economic initiative opened to all investors around the world,” Mr. Bilawal said, adding that Pakistan reiterated its “abiding commitment to its high-quality …

BRI and hegemony with Chinese characteristics
1 year, 11 months ago

BRI and hegemony with Chinese characteristics

Hindustan Times  

Conceptualisations of countries’ power in the post-Cold War period underwent a drastic change as economics increased eminence and military might no longer remained the prominent criterion of power. A grand strategic and economic vision, the BRI hoped to connect markets across the world to China through infrastructure and investments, which would yield not just investment return benefits for China, but …

US think tank: Pakistan needs to pay $77.5 billion in external debt
1 year, 11 months ago

US think tank: Pakistan needs to pay $77.5 billion in external debt

Op India  

Pakistan must pay back a staggering $77.5 billion in external debt between April 2023 and June 2026, all the while grappling with a severe economic collapse. “Amid skyrocketing inflation, political conflict between Prime Minister Shehbaz Sharif’s government and former Prime Minister Imran Khan, and surging terrorism, the country is facing the risk of a default due to its massive external …

IMF deal in jeopardy, only China can bailout Pakistan: Report
2 years ago

IMF deal in jeopardy, only China can bailout Pakistan: Report

Live Mint  

A US bank said that China can rescue crisis-hit Pakistan because of its close ties with the country, while the International Monetary Fund and Pakistan are still in tough negotiations on financial aid for economic recovery, according to a report by Dawn news. “Whether and when Pakistan can receive the next installment from the IMF is still up in the …

Pak’s economy in ’shambles’; China is lending a hand
2 years ago

Pak’s economy in ’shambles’; China is lending a hand

Live Mint  

Pakistan's external foreign debt amounts to $126 billion, out of which $30 billion is held by China, according to the International Monetary Fund data. This amount is three times larger than Pakistan's IMF debt of $7.8 billion and exceeds its borrowings from the World Bank and Asian Development Bank altogether. According to a 2019 study by the Jang Group and …

China approves rollover of $1.3 billion loan to Pakistan
2 years ago

China approves rollover of $1.3 billion loan to Pakistan

Op India  

As Pakistan was on the verge of going bankrupt under massive international debt, China has come to its rescue, with more debt. As Pakistan has not been able to secure the latest instalment of a bailout package from the IMF due to differences, the Industrial and Commercial Bank of China approved an extension of a $1.3 billion loan for the …

With China’s funding, is Pakistan headed for Sri Lanka-like financial crisis?
2 years, 1 month ago

With China’s funding, is Pakistan headed for Sri Lanka-like financial crisis?

Live Mint  

Pakistan has receive a $700 million loan from China Development Bank, which will boost Pakistan's foreign exchange reserves by 20%. Additionally, China charges higher interest rates than other lenders, which adds to Pakistan's debt servicing costs. In the fiscal year 2021-2022, Pakistan paid around $150 million in interest to China for using a $4.5 billion Chinese trade finance facility. Will …

Will crisis-hit Pakistan be able to prevent looming recession?
2 years, 1 month ago

Will crisis-hit Pakistan be able to prevent looming recession?

Live Mint  

The current economic situation of Pakistan has raised the question of whether the cash-strapped country can control mass protests as the cost of living is becoming intolerable for its citizens due to rising inflation, reported Asian Lite International. The current account deficit of the crisis-hit country shrank 90.2% to USD 0.24 billion in January from USD 2.47 billion in the …

Pakistan receives $700 mn from China bank, eyes another $1,300 mn
2 years, 1 month ago

Pakistan receives $700 mn from China bank, eyes another $1,300 mn

Live Mint  

Pakistan has received a deposit of $700 million from the China Development Bank, which will provide a much-needed boost to the country's foreign exchange reserves. Funds $700 million received today by State Bank of Pakistan from China Development Bank," Finance Minister Ishaq Dar announced on Twitter Earlier this week, Dar announced that the board of the China Development Bank had …

Explained: How Pakistan is following Sri Lanka's footsteps in China's debt trap
2 years, 1 month ago

Explained: How Pakistan is following Sri Lanka's footsteps in China's debt trap

Firstpost  

China, which is Pakistan’s single-largest creditor — owning 30 per cent of its total external debt — is set to grant a $700 million loan through its China Development Bank. The loan, which Beijing will grant through its China Development Bank is set to boost Pakistan’s forex reserves by 20 per cent. Let’s take a closer look at how this …

China approves $700 million loan to Pakistan: Finance Minister Ishaq Dar
2 years, 1 month ago

China approves $700 million loan to Pakistan: Finance Minister Ishaq Dar

The Hindu  

Pakistan's all-weather ally China has approved a loan of $700 million to the cash-strapped country, Finance Minister Ishaq Dar announced on Wednesday. The announcement by Dar on the loan by the Board of China Development Bank came a day after Pakistan’s National Assembly unanimously passed a money bill aimed at raising tax revenues to fulfil the demands set by the …

Pakistan: China approves USD 700 million loan to cash-strapped country
2 years, 1 month ago

Pakistan: China approves USD 700 million loan to cash-strapped country

India TV News  

Pakistan: The all-weather ally of China has approved a major loan of a whopping price to the cash-strapped country 'Pakistan'. The Finance Minister of Pakistan, Ishaq Dar on Wednesday announced that China has approved a loan of USD 700 million. The money bill was passed aiming to fulfill the demands set by the International Monetary Fund for seeking a USD …

Will Pakistan's economic crisis affect Beijing-Islamabad relationship? China's quandary grows
2 years, 1 month ago

Will Pakistan's economic crisis affect Beijing-Islamabad relationship? China's quandary grows

India TV News  

Pakistan's economic crisis: China which holds Islamabad’s largest debt on Monday said it backed measures taken by its "all-weather friend" Pakistan to tide over the disastrous situation and hoped it will, in the end, pull through. Pakistan at the verge of default Pakistan’s current account deficit shrank 90.2 per cent to USD 0.24 billion in January from USD 2.47 billion …

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