Pakistan is about to become the fourth largest borrower of the IMF.
[ad_1]
According to IMF data, Argentina is at number one in the list of its borrowers. The IMF owes $46 billion to this South American country. Egypt is at number two. It has an IMF loan of $18 billion. War-torn Ukraine owes $12.2 billion to the IMF. Similarly, Ecuador is at number four with a debt of $8.2 billion. Pakistan has a debt of $ 7.4 billion to the IMF and is at number five in the list of its borrowers. Pakistan will get a loan of three billion dollars from the IMF in the next nine months. With this, Pakistan will become the fifth largest borrower of the IMF by overtaking Ecuador. Pakistan’s debt on that will reach $10.4 billion.
China’s debt ruined
Many countries of the world have been ruined by getting trapped in China’s debt trap. Apart from Pakistan and Sri Lanka, it includes Venezuela, Kenya, Zambia, Laos, Ethiopia and Mongolia. Most of the revenue of the governments of these countries is going to pay the interest of China’s loan. Zambia and Sri Lanka have already defaulted. China is not ready to forgive the loan of even a pie. The second problem is that nothing is public about how much loan China has given and what are its terms. This is the reason why other loan giving countries are also not ready to help these countries.
[ad_2]
Source link
