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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 ministers of Pakistan are camping in Beijing to reschedule the outstanding loans related to the ambitious China-Pakistan Economic Corridor. Pakistan’s Finance and Revenue Minister Muhammad Aurangzeb and Energy (Power Division) Minister Sardar Avais Ahmed Khan Laghari, who are facing a cash crunch, have been in Beijing for the last three days. This information was given in media reports here on Saturday. The two 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 not giving lift to Pakistan for talks
Media reports said the concern is that China is initially unwilling to discuss the issue, indicating their disagreement with Pakistan on talks related to energy loans. The Express Tribune newspaper said Pakistan on Thursday formally requested China to reschedule its loans. This includes outstanding dues for China-Pakistan Economic Corridor (CPEC) power projects that rose 44 per cent to 401 billion Pakistani rupees by the end of the last fiscal year.
According to power ministry documents, dues of Chinese power plants by June 2024 have risen to 401 billion Pakistani rupees, an increase of Rs 122 billion or 44 per cent compared to the previous year. According to ministry officials, Pakistan has sought an eight-year extension to repay the energy loan.
