Pakistan Seeks Chinese Debt Reprofiling

This is a Pakistan news story, published by DW, that relates primarily to Aftab news.

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How Chinese loans trapped Pakistan's economy – DW – 08/02/2024

Summary

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Pakistan has $26.6 billion worth of Chinese debt, more than any other country in the world.

Islamabad is under pressure to renegotiate agreements with power producers to bring down electricity prices.

Analysts say the CPEC loans were initially presented as the cheapest option for international loans, but it later emerged that they would be far more expensive to pay back than expected.

" Pakistan is trapped between China and the US [ IMF loans], and Washington has cautioned that IMF loans should not be used to repay the mounting Chinese debt," Bengali said. Economist Aftab said that China will allow Pakistan to reprofile its debt payment. "The main reason for their generosity to Pakistan is their rivalry with India , and that's not going away anytime soon. But they may lose patience on slow project progress and start pressing for action," she said. Edited by: Wesley Rahn .