Pakistan is among the top 10 countries that possess the largest external debt stocks and became eligible for the Debt Service Suspension Initiative (DSSI) in the aftermath of the COVID-19 pandemic, said a World Bank report.
Pakistan's economic condition has been reeling on the financial bailout package from the International Monetary Fund (IMF), forcing the Imran Khan-led government to increase prices of all basic commodities, triggering price hikes of commodities of basic necessities, and pushing the lives of people into misery and poverty.
Food price inflation has been on a consistent upsurge, escalating the pressure on lower-middle-income household budgets.
Struggling to repay, Pakistan to seek debt relief from China Belt and Road loan
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Struggling to repay, Pakistan to seek debt relief from China Belt and Road loanBy Faseeh Mangi, Bloomberg
Last Updated: Feb 10, 2021, 10:01 AM IST
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Synopsis
In informal talks, Pakistan and China have discussed easing terms on the repayment of debt on about a dozen power plants, according to a person with knowledge of the matter.
Reuters
An enormous build-out of Chinese-financed power plants in Pakistan, which was originally intended to solve its electricity shortages, has resulted in a surplus that Islamabad isn’t able to afford.
Pakistan s genius doctor says eating popcorn builds COVID immunity
Pakistan s borrowing policy since the last decade has almost brought the country to the brink. The previous governments disastrous policies have indebted the country for generations to come but Imran Khan s Pakistan Tehreek-e-Insaf has also been no less in pushing Pakistan on the verge of an economic crisis.
The rhetoric was exposed once again when a Pakistan International Airlines (PIA) plane was held back by the Malaysian authorities on Friday over a British court case.
Pakistan International AirlinesReuters
An airline spokesman informed Reuters that the Boeing 777 aircraft was seized following a court order in a case involved a $14 million lease dispute.