China’s assurance of all possible support to Pakistan to get rid of foreign debts
Taking money from China for big projects could put Pakistan in debt, the International Monetary Fund and the US fear
China has never pressured Pakistan to pay its debts, Chinese Consul General Zha Shirin said
Pakistan can easily increase its exports to countries like Saudi Arabia, United Arab Emirates and China, talks with Faisalabad Chamber of Business Leaders
ISLAMABAD ( Web News )
China has said that it will provide all possible support to Pakistan to get it out of the debt vortex. Countries like the International Monetary Fund and the United States fear that Pakistan may be stuck in debt due to taking money from China for big projects like energy and infrastructure. Apart from this, there are also concerns about the transparency and terms of the loans, the payment of interest to Pakistan and when it will be repaid. Since 2013, China has pledged more than $65 billion for projects such as roads, railways and other infrastructure in Pakistan as part of the China Pakistan Economic Corridor (CPEC), under China’s Belt and Road Initiative. There is a big plan. Meanwhile, Consul General of China Zha Shirin while talking to Faisalabad Chamber of Business Leaders said that Chinese debt is only 13 percent of Pakistan’s total foreign debt, and its main objective is to provide necessary financial support to Pakistan to reduce debt. To be freed from the trap. He said that China will help Pakistan to get rid of its foreign debts. According to the American magazine Bloomberg, Zha Shirin said that China has never pressured Pakistan to pay off debts, China understands Pakistan’s financial difficulties and China will do its best to help Pakistan get out of the debt vortex. Pakistan can easily increase its exports to countries like Saudi Arabia, UAE and China, the diplomat said, adding that Beijing had recently allowed the import of red pepper and beef from Pakistan. China is offering technology to help in hybrid rice production and corporate farming, he added, stressing that Pakistan needs to focus on reducing its trade deficit.