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Bankrupt Pakistan problems are escalating
ANI
31 May 2021, 03:56 GMT+10
Islamabad [Pakistan], May 30 (ANI): Bankrupt Pakistan s debt problems seem to be escalating as it is all weather-ally China has declined to restructure USD 3 billion in liabilities.
Islamabad has requested Beijing to forgive debt liabilities owed to China-funded energy projects established under the China-Pakistan Economic Corridor (CPEC).
The debt load, owed largely for the building of independent power producers (IPPs) on take-or-pay power generation contracts, is substantially more than the USD 19 billion in total invested in the plants, Asia Times reported citing reports and industry analysts.
Media reports suggest that China has refused to budge on Islamabad s request to renegotiate the power purchase agreements, saying that any debt relief would require Chinese banks to amend the terms and conditions under which the credits were extended.
Read more about Pakistan fails to prove alleged India role in China consulate attack on Business Standard. Pakistan has failed to prove the alleged "involvement" of India in a case related to the November 2018 attack on the Chinese consulate in Karachi, in which four people were killed
NOWSHERA: Prime Minister Imran Khan Friday said the PTI government had won the last general election due to the presence of neutral umpires, rejecting the allegations that the 2018 polls had been.