Islamabad (National Times)- Pakistan owes 30% of its foreign debt to China, the latest report from the International Monetary Fund (IMF) said, which includes state-owned commercial banks.<\/p>\n
Bloomberg, citing the global money lender’s document, reported that the debt is now 3% up as compared to February’s statistics \u2014 when it was at 27%.<\/p>\n
After being revised upwards by $4.6 billion, Pakistan owes a debt of $30 billion to China, from $25.1 billion in February, the IMF report said.<\/p>\n
Chinese assistance to Pakistan is three times greater than IMF debt and exceeds both World Bank and Asian Development Bank funds combined, it said.<\/p>\n
The latest figures show that, unlike the World Bank-style concessionary-project financing, Beijing is now playing a role similar to the global money lender by providing funds during a balance of payments crisis.<\/p>\n
Islamabad managed to secure a much-needed bailout package from the IMF this week when the Fund’s executive board approved the release of $1.1 billion to Pakistan \u2014 averting the threat of imminent default.<\/p>\n
For the ongoing fiscal year, the IMF report mentioned that official financing includes $7 billion as rollovers of existing and $4 billion in additional financing commitments, including from China, Qatar, Saudi Arabia, UAE, and IFIs \u2014 such as the World Bank, Asian Development Bank, and Islamic Development Bank.<\/p>\n
“Pakistan\u2019s external debt is low, predominantly held by the public sector and mainly sourced from concessional multilateral and bilateral sources, the central bank said in a presentation it made in July,” Bloomberg said.<\/p>\n
Islamabad’s foreign loans are a total of 36% of its total debt.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad (National Times)- Pakistan owes 30% of its foreign debt to China, the latest report from the International Monetary Fund (IMF) said, which includes state-owned commercial banks. Bloomberg, citing the global money lender’s document, reported that the debt is now 3% up as compared to February’s statistics \u2014 when it was at 27%. After being […]<\/p>\n","protected":false},"author":1,"featured_media":41970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-41969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","entry"],"yoast_head":"\n