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Dear reader, online ads enable us to deliver the journalism you value. Please support us by taking a moment to turn off Adblock on Dawn. Pakistani and Chinese flags are seen along a road in Islamabad. 1 billion to boost the South Asian country’s plummeting foreign currency reserves, two sources in Pakistan’s finance ministry told Reuters, amid growing speculation of another International Monetary Fund bailout. 2bn that was first reported by Reuters in late May, the two sources told Reuters. The finance ministry spokesperson did not respond to a Reuters request for comment. 5bn in bilateral loans, according to a finance ministry document seen by Reuters.
9bn in commercial bank loans mostly from Chinese banks, ministry officials told Reuters. Beijing’s vast Belt and Road initiative. Suleman Maniya, head of research at local brokerage house Shajar Capital. For more live updates, follow Dawn. How long can a country live on borrowed money? The end is near if our incompetent rulers do not shape up. Its a loan, not a gift, that means there will be an interest.
Pakistan is getting closer and closer to a debt trap. Why China is giving loan, after loan, where Pakistan is struggling to pay off other debts. Meeting daily expenses with chinese loans. I believe something severe is coming soon to hit Pakistan. Results will be out in end of year. What is the rate of interest for these loans?
What is the strategy of paying these loans back? Asking others for money even after 70 years confirms country has made no progress whatsoever. The amount China has paid to Pakistan to boost foreign exchange, if we deduct that amount from current level of foreign exchange Pakistan will have hardly 2 to 3 billion dollars. I think new elected government will have to take some very unpopular steps in order to bring back economy back on track.
But the worst part is only common people of Pakistan will suffer though they have not done anything wrong. Just remember you have to pay back with interest. China cannot afford an unstable rupee. It will hurt their trade with Pakistan and loan repayments.
This is not only loan, also a grip on pakistan. If we don’t stop flight of capital from Pakistan by corrupts,we will always be seeking loans and one day we will ecomocially failed as all loans carries interest. For how long such bailouts and at what real cost? After few years everywhere Chinese and their products will be seen in Pakistan. The biggest suspense is at what interest rate was this loan given? Anyways looks like the best strategy to conquer a nation rather than invading it. I don’t understand if we hail this decision or simply regret, but mind you not questioning the gesture of our Chinese Government.
I mean caretaker government which is just a new born baby, or PML-N Government, which has remained in office for complete term of 5 years. Learn from the disintegration of Russia in spite of one of the strongest army in the world. Only Political stability can lead to socioeconomic development of Pak. Chaman its already in debt trap. Thank you for lending 1 Billion dollars China but on what terms?