Why is Shehbaz Sharif’s government bent on selling resources in Pakistan to China and UAE as soon as possible?

Apart from selling its resources, Pakistan, which is facing economic crisis, is living on the basis of loans and investments from China. On one hand, Pakistan is not getting any kind of loan from the International Monetary Fund, and on the other hand, Islamic countries are also not ready to lend more to Pakistan, in such a situation, Pakistan is now engaged in mortgaging its resources so that money can be raised. . Parliamentary elections are also going to be held in Pakistan soon and due to skyrocketing inflation, the people are suffering and are eager to bring down the Shehbaz Sharif government from power. In such a situation, the Government of Pakistan has started a campaign to raise funds as soon as possible. Pakistani leaders want to raise money by selling the resources of the country so that if they have to face defeat in the elections, then there is no shortage of money to live a life of luxury in London.

UAE will now ask Pakistan to pledge its resources in lieu of loan

For this, Pakistan has formed a negotiating committee to finalize an agreement to hand over its Karachi port terminal to the United Arab Emirates in view of raising emergency funds. Let us tell you that Pakistan has taken this step amidst the uncertainty related to the restoration of the loan withheld by the IMF. According to the news of ‘Express Tribune’ newspaper, Finance Minister Ishaq Dar chaired the meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions. The meeting decided to set up a committee to negotiate a commercial agreement between the Karachi Port Trust (KPT) and the UAE government. According to reports, the negotiating committee set up to finalize a framework agreement will be headed by Maritime Affairs Minister Faisal Sabzwari. Let us remind you that the UAE government had last year shown interest in acquiring the Karachi port, which is under the administrative control of Pakistan International Container Terminals (PICT). It is believed that this port may soon be captured by the UAE.

Chinese nuclear plant came to Pakistan

As far as Pakistan falling into the Chinese trap is concerned, let us tell you that China has signed an agreement to set up a 1200 MW nuclear plant in the cash-strapped Punjab province of Pakistan at a cost of $4.8 billion. To say that China has done this agreement as a sign of further deepening the strategic relations between the two countries. Pakistan Prime Minister Shehbaz Sharif was also present at the signing of the agreement. Under the agreement, China will set up a 1200 MW Chashma-V nuclear plant at Chashma in Mianwali district of Punjab. In his address, Prime Minister Shehbaz Sharif described the nuclear plant deal as a symbol of growing economic cooperation between China and Pakistan and vowed that the project would be completed without delay. He said, “We will start work on it without delay.” With this, he expressed confidence that with the help of China and friendly countries, Pakistan will come out of difficult times. Let us tell you that according to the Pakistan Atomic Energy Commission, the power generation capacity of the four nuclear plants established earlier in Chashma is 1330 MW. Two other nuclear plants are also established in Pakistan. The capacity of these two reactors of the Karachi Nuclear Plant is 2,290 MW.

New loan from China

Apart from this, Pakistan, which is facing financial crisis, has received one billion dollars from its close ally China. Pakistan, which is struggling with very low foreign exchange reserves amid uncertainty about getting loan assistance from the International Monetary Fund (IMF), will get a lot of relief from this help. Last week, the State Bank of Pakistan (SBP) had confirmed the receipt of funds from China without sharing any other details about it. Let us tell you that Pakistan’s currency reserves had come down to about US $ 3.9 billion in recent weeks. Let us also tell you that Pakistan’s economy is on the verge of defaulting on payments. The IMF had agreed to give him $ 6.5 billion loan assistance in 2019, but he has not received $ 2.5 billion out of this. IMF has put some conditions for releasing this amount. On the other hand, Pakistan says that it has already fulfilled the conditions of the IMF. Pakistan is looking for an option to keep its economy afloat in case of no IMF help. It is expected that China will give him a bilateral loan of four billion dollars.

Pakistani Finance Minister’s clarification

Meanwhile, Pakistan’s Finance Minister Ishaq Dar has blamed geopolitics for the suspension of IMF loan assistance. He said that global institutions want the cash-strapped country to default on payments like Sri Lanka and then start talks. He said the IMF has not given any reason for the “unnecessary delay” in the ninth review. This review has been postponed since November. He alleged that geopolitics is behind the stalled loan program as global institutions want Pakistan to default on payments like Sri Lanka, and then start talks with it.