Shahbaz Sharif, Prime Minister of Pakistan.
Islamabad/Karachi: Pakistan is badly trapped in the ploy of its friend China. This can bring it to the brink of ruin. To beg for mercy, two ministers of Pakistan have camped in Beijing. Due to China’s ploy, Pakistan’s PM Shahbaz Sharif is also unable to find a way out. Therefore, he has sent both his ministers to Beijing. So that China can show some mercy to his country. This matter is related to the loan taken from China, the interest burden of which is continuously pushing Pakistan into the abyss.
Let us tell you that two Pakistani ministers are camping in Beijing to reschedule outstanding loans related to the ambitious China-Pakistan Economic Corridor. Cash-strapped Pakistan’s Finance and Revenue Minister Muhammad Aurangzeb and Energy (Power Division) Minister Sardar Awais Ahmed Khan Laghari have been in Beijing for the last three days. This information was given in media reports here on Saturday. Both the ministers are meeting one authority and agency after another, including People’s Bank of China (PBOC) Governor Pan Gongsheng and National Association of Financial Market Institutional Investors (NAFMII) Deputy Secretary General Cao Yuanyuan.
China is not giving Pakistan a lift for talks
Media reports said concerns were raised as China was initially unwilling to discuss the issue, indicating its disagreement with Pakistan over talks related to energy loans. Pakistan on Thursday formally requested China to reschedule its loans, which include outstanding dues for China-Pakistan Economic Corridor (CPEC) power projects that rose 44 per cent to PKR 401 billion by the end of last fiscal year, the Express Tribune newspaper said.
According to Power Ministry documents, China’s power plants’ dues till June 2024 have risen to 401 billion Pakistani rupees, which is 122 billion rupees or 44 percent more than last year. According to ministry officials, Pakistan has sought an eight-year extension to repay the energy debt. (Language)
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