Pakistan begs China for loan waiver, China refuses

Islamabad, 31 May 2021 Monday

China's fake show of sympathy for Pakistan is now being exposed. Poor Pakistan has urged China to restructure its ત્રણ 3 billion debt, which China has rejected.

Pakistan wants China to forgive loans for energy projects prepared under the CPEC. China has invested about 19 19 billion in the Pakistani power plant. Rejecting China's request to restructure its energy purchase agreement with Pakistan, he said Chinese banks would have to change their terms and conditions for any debt relief. China is not ready to change any of the terms of the earlier agreement with the Pakistani government.

Naiman Wazir, a senator and businessman from Pakistan Tehreek-e-Insaf, the party of Prime Minister Imran Khan, said the tariff was kept too high when the National Electric Power Regulatory Authority allowed the private sector to generate electricity. This was clarified in an investigation into Pakistan's power sector. Debt-ridden Pakistan is in danger of defaulting.

Pakistan had a total debt of 29 294 billion as of December 30, 2020, which is 109 percent of its total GDP. According to economic experts, this debt-to-GDP ratio could reach 220 percent by 2023. This is the year when the five-year term of the Imran Khan government will come to an end. Before coming to power, Imran Khan had promised during his campaign that he would create a new Pakistan that would not be exposed to the world.