The Chinese dragon, who described Pakistan as its “iron brother,” is now on display. Pauper Pakistan asked China to restructure its $ 3 billion debt China rejected Pakistan’s request and said Islamabad will not change conditions
The pole of the Chinese dragon, which calls Pakistan its “iron brother”, is now visible. Pakistan, which is going through the condition of poverty, had asked China to restructure its $ 3 billion debt. China has rejected this request from Pakistan. In fact, Pakistan wanted China to forgo the loan granted for the energy project built under the CPEC.
According to the Asia Times report, China has invested around $ 19 billion in the power plant built in Pakistan. China has rejected Pakistan’s request to reconstitute the energy purchase deal and said any debt relief would force Chinese banks to change their terms and conditions. Chinese banks are not ready to change the terms of the earlier deal with the Pakistani government.
Bilawal Bhutto lashed out at Imran Khan, says – Pakistan has become a slave, PM is begging for a bowl
Pakistan’s encumbered debt in danger of default
Nauman Wazir, senator and industrialist for Pakistani Prime Minister Imran Khan’s PTI party, said when the National Electric Power Regulatory Authority allowed the private sector to generate power, the tariff was kept very high at this moment. He said it came to light in an investigation regarding Pakistan’s power sector. Under the weight of debt, Pakistan risks defaulting.
As of December 30, 2020, Pakistan had a total debt of $ 294 billion, or 109% of its total GDP. Economic experts say this debt-to-GDP ratio can reach 220% by the end of 2023. This is the year in which Imran Khan’s five-year government will end. Imran Khan had promised during the election campaign before taking power that he would create a new Pakistan that would not ask the world to go into debt.
Imran Khan walking around with a begging bowl: Bilawal
Contrary to what he claims, Imran Khan has trapped Pakistan in a debt trap. For this reason, he is now also the target of opposition parties. Pakistan People’s Party Chairman Bilawal Bhutto Zardari recently launched a scathing attack on Prime Minister Imran Khan. Bilawal said Prime Minister Imran Khan wandered to the gates of the world with a begging bowl and mixed the reputation of all of Pakistan into the ground. He said that Imran Khan had made Pakistan a slave to international lending countries and organizations.
Bilawal said on Thursday that with Imran Khan’s move, the country’s future was at stake. The PPP leader said: “Prime Minister Imran Khan will travel to Washington, Riyadh, Dubai and Beijing with a” bowl begging. “This ruined the prestige of the country. He said Imran Khan was running the country’s economy by taking loans, which created a threat for many generations. PPP leader Bilawal said that by 2021 itself, Imran Khan took out a loan of $ 10 billion, with which the total debt had increased by 35%. Pakistan’s external debt rose from $ 95 billion to $ 116 billion during Imran’s tenure. Khan.