Pakistan drowned in debt, China said – we did not give forcefully.
Islamabad, The condition of Pakistan, in debt, is constantly worsening. In the wake of Beijing’s Belt and Road Initiative (BRI), expensive debt increased on Pakistan. Although China denies such allegations, it has said that its project never imposed a loan on Pakistan. Let me tell you that China’s Foreign Minister Wang Yi has reached Pak on a three-day visit.
This visit of Wang Yi is important in itself as it is the first top-level meeting between the two countries after the formation of a new government in Pakistan. Indeed, China has pledged $ 57 billion loan to Pakistan under the BRI initiative. Pakistan is growing closer to China at a time when its relationship with the US is becoming tense due to the double attitude of terrorism.
Looking at Pakistan’s deteriorating economy and the slow pace of development, there are allegations that China is trapping Pakistan in debt trap. Earlier in July, US Secretary of State Mike Pompey had warned that the use of potential international monetary fund bailout package for Pakistan’s poor economy should not be used to repay China’s debt in any way.
The Foreign Minister of China said that the Pakistani part of the BRI initiative (China-Pak Economic Corridor i.e. CPEC) has helped increase economic growth by 1-2 percent and due to this 70,000 jobs have been created. Let us tell you that the situation in Pakistan has become so bad that the new Prime Minister, Imran Khan, has appealed for help from the people of Pakistan-based settlers.
During the press conference in Islamabad, Wang said, “CPEC has not burdened the debt on Pakistan, but after the completion of these projects, the country will have macroeconomic benefits … and this will give a new momentum to Pakistan’s economy.” Wang, who is present with Pakistan Foreign Minister Shah Mahmood Qureshi, said that 47 per cent of Pakistan’s debt is from the IMF and Asian Development Bank.
He said that 22 CPEC projects are being worked out, out of which 9 have been completed and this has given an investment of $ 19 billion. On the other hand, Qureshi said that CPEC is one of the top priorities of his government.
