Pakistan’s stock market has seen the biggest boom in one day in 15 years.
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Meanwhile, there is news that China’s billionaire Jack Ma, who was once Asia’s biggest tycoon, had secretly traveled to Pakistan recently. This has been claimed in a report by Pakistan’s newspaper Express Tribune. Confirming Ma’s visit to Pakistan, former chairman of Pakistan’s Board of Investment (BOI) Muhammad Afzar Ahsan said that he had come to Lahore on June 29 and stayed in Pakistan for 23 hours. During this, Ma avoided meeting with government officials and the media. He stayed at a private location and left on this private jet on 30 June. Ma was accompanied by a delegation of seven businessmen. Of these, five were citizens of China, one of Denmark and one of America.
fourth largest borrower
Meanwhile, Pakistan is on its way to becoming the fourth largest borrower of the IMF. 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.
Not America-Japan, the people of this country have the maximum number of vehicles, the entire area is only 6.8 square km
China’s debt became a problem
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.
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