Asian Development Bank Approves Rs 73,000 Crore Loan From International Financial Institutions Pakistan Takes Huge Loans In Financial Crisis, This Loan Amount Will Be Granted To Pakistan Within The Next Five Years Islamabad
Pakistan, which is facing a serious economic crisis, is on the verge of bankruptcy. The remaining Pakistani economy has been shattered by the Corona virus. The Asian Development Bank (ADB) will lend 73,000 crore rupees (10 billion dollars) to Pakistan, at the doorstep of Bengali. The headquarters of the Asian Development Bank are located in Manila, the capital of the Philippines, which provides loans to countries on its continent.
This amount will be paid to Pakistan over the next five years.
The AfDB said in its statement that this loan will help restore economic stability in Pakistan. With this amount, in addition to creating new job opportunities and economic development in Pakistan, loan programs will be set up for the benefit of the population. This loan amount will be granted to Pakistan between 2021 and 2025. Of this amount, an amount of $ 6.3 billion is planned for Pakistan over the next three years.
Pakistan takes loans at expensive interest
Pakistan’s Ministry of Economic Affairs issued a statement saying that in July-December of fiscal year 2020-2021, the Imran Khan government received $ 5.7 billion in external debt from multiple funding sources. In December, the Pakistani government received $ 1.2 billion from abroad, including $ 434 million from commercial banks at high interest.
China shows poor Imran Khan in Pakistan asking for additional collateral before loan
Pakistan’s debt grows at an annual rate of 11.5%
Pakistan’s total debt rose 11.5% year-on-year to Rs.35.8 trillion at the end of 2020 due to poor economic reforms by the Imran Khan government. After which the Pakistani Ministry of Finance, while putting its own mistakes on previous governments, said that due to poor economic policies of the previous government, the country was faced with an excessive exchange rate and excessive borrowing.
Imran Khan will take loan after loan, ‘poor’ will take ‘bailout’ from Pakistan, China, Arabia
Pakistan struggles to get a loan
As part of the debt relief of the G-20 countries, Pakistan cannot contract commercial loans at higher rates except with the prior approval according to the project of the International Monetary Fund and the World Bank . Because of this, not only China, but also many favorite countries of Pakistan are worried about investing or lending. The situation has even become such that China is also looking for additional collateral instead of debt.
Pai-Pai thirsts for ‘poor’ Pakistan, Imran Khan takes 416,000 crore loan again
Pressure from Saudi Arabia and UAE to pay off Imran’s debt
At the same time, Prime Minister Imran Khan blames previous governments for the country’s crisp economic conditions, even after leading the government for two and a half years. The situation has reached such a point in Pakistan that even the Imran Khan government has to be manipulated to pay the salaries of government employees. Saudi Arabia and the United Arab Emirates, Pakistan’s biggest “donors”, are seeking to recover their multibillion-dollar debt. At the same time, China, Pakistan’s eternal friend, is also reluctant to give loans to Pakistan.