Pakistan Economic Crisis In Hindi: Pakistan Is Banking On IMF Loan But It Might Not Solve Debt Crisis
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As soon as Pakistan gets this loan, it will become the fourth largest borrower country of the IMF. Experts say that Pakistan has a history of taking loans from the IMF but the question is how it will use this bailout. He says that no one knows exactly what is the total foreign debt of Pakistan. Not only this, these loans are often shown understated. This includes the loan taken from the SAFE organization of the Chinese government.
China’s total debt on Pakistan is $30 billion
According to the Central Bank of Pakistan, as of March 31, the country’s total foreign debt was $125.72 billion. Pakistan’s Foreign Minister Ishaq Dar has expressed hope that the country’s total foreign exchange reserves will cross $14 billion by the end of the month. In an article published in Dawn newspaper, Pakistani journalist Khurram Hussain said that Pakistan is in danger of defaulting in this financial year. He said that the reason for this is Pakistan’s low foreign exchange reserves and debt repayment schedule.
Khurram said that Pakistan has to repay the public debt of $8.7 billion this year. Apart from this, a private loan of $ 5 billion is also to be returned. This will bring the total debt service to $13.7 billion. The loan of $ 2.3 billion taken from Chinese banks is also to be returned in June 2024. China alone accounts for about $30 billion of Pakistan’s total debt. China is imposing debt upon debt on Pakistan in the name of CPEC, to repay which Pakistan’s oil is running out.
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