Visit of the Prime Minister of Pakistan on 3 February – Will ask Jinping for 3 billion dollars
Debt-ridden Pakistan’s plight seems to be coming to an end. After receiving 3 billion cash reserves from Saudi Arabia on strict terms, Imran Khan is now leaving for China on February 3. In fact, his visit is for the opening ceremony of the Winter Olympics, which will start in Beijing on February 4, but the real purpose is to achieve success here as well. According to Pakistani media reports, Imran is seeking a 3 billion loan from Chinese President Xi Jinping.
Visit to China on loan
A special report published by Pakistan’s Express Tribune newspaper on Sunday revealed the reality of Imran’s visit to China. Following this, 6 ministers are also going to China with Imran. His tour will start from February 3. Interestingly, it is not yet clear whether Imran and Xi Jinping will meet. Because of this, China has not yet approved a face-to-face meeting. Otherwise, Imran will meet the Chinese Foreign Minister. The loan application will be announced at this meeting.
The report said
Since coming to power in 2018, the Imran government has borrowed 11 billion from China. Only interest is being paid for this, the actual amount has not been returned yet. Of this, 4 billion is deposited in Pakistani banks as foreign reserves. In other words, Pakistan cannot use this money. The problem now is that Pakistani officials and the foreign ministry themselves are not sure that China will lend another ৩ 3 billion. This is because there is a political ups and downs in Pakistan and there is a danger of a government collapse by March. If so, what will be the attitude of the new government? Will he follow America’s lead or will he obey China? China is also wary of this.
What will happen to the foreign reserves
According to the report, Pakistan currently has only ৬ 16.1 billion in foreign exchange reserves. This is technically called a forex reserve. Of particular note is the meaning of China, Saudi Arabia and the United Arab Emirates. They can pick it up at any time and if that happens then it will not take long for Pakistan to go bankrupt. Saudi Arabia has agreed to repay the loan within 24 hours.
Pakistan’s problem is that the Chinese government is deeply angry with the China-Pakistan Economic Corridor (CPAC). Sipak’s work has been stalled for two years. Imran will try to reassure China that work on CPAC will resume. Last year, nine Chinese engineers were killed in the Dasu Dam project and Pakistan had to pay compensation.