Poor Pakistan: Gilgit-Baltistan to be handed over to China in return for Rs 19,000 crore loan

New Delhi, July 1, 2022, Friday

Poor Pakistan is now in the process of handing over the Gilgit and Balistan areas to China in exchange for Chinese loans.

Pakistan wants to borrow Rs 19,000 crore from China to improve its economic situation and in return will hand over the above two areas to China.

Pakistan does not even have the money to repay the loan taken earlier. Under these circumstances, it is likely to hand over Gilgit and Balistan as well as Kashmir under its control to China.

Pakistan is going to take a loan of Rs 8000 crore from the United Arab Emirates. For this, it will give 12 per cent shares of its 20 state-owned companies to the UAE. Pakistan also borrowed Rs 10,000 crore from Saudi Arabia in February.

Pakistan is so indebted that it does not even have the money to pay it. It is unlikely that Pakistan will get Rs 90,000 crore from the International Monetary Fund.

The government of Pakistan has taken over the laws of Gilgit, Baltistan, POK, under which Pakistan has got the right to lease its land to any country.

Chinese companies have already started excavations in some areas of Gilgit, Baltistan. The area is said to have a reserve of 1.2 million metric tonnes of minerals. Locals have also protested against the handing over of the land to China.