Pakistan kept pleading in Jinping's footsteps till the last time, China gave a favor of $ 700 million

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Pakistan, which is roaming around the world begging, has no shame left. China, which Pakistan used to call its staunch friend, even when it refused to give even a penny to it, Pakistan did not give up the chase of the dragon. He kept following saying that give something… give as much as possible….

**Shehbaz Sharif, Prime Minister of Pakistan**

New Delhi. Pakistan, which is roaming around the world begging, has no shame left. China, which Pakistan used to call its staunch friend, even when it refused to give even a penny to it, Pakistan did not give up the chase of the dragon. He kept following saying that give something… give as much as possible…. Seeing Pakistan faltering in its steps, China announced to give it 700 million dollars, but this debt of China made Pakistan’s neck even more inclined towards the dragon.

Pakistan may not yet have an idea of what China will recover from Pakistan in return for this loan. Even before this, China has taken a lot from Pakistan in return for the loan given to it. Almost half of Pakistan is already slave of China. China has taken many valleys, mountains and land from Pakistan, where the mining done has saved Pakistani people many times from Khilafat bugle.

Pak’s finance minister said Chinese debt will increase foreign exchange reserves

Pakistan’s Finance Minister Ishaq Dar on Wednesday announced that the board of the China Development Bank has approved a $700 million facility for Pakistan to boost foreign exchange reserves. The news report has given this information. The amount is expected to be received by the State Bank of Pakistan this week, Dar tweeted. All the formalities have been completed. On the issue of refinancing commercial loans from Chinese banks, a top government official told The News that he hoped all Chinese maturing loans would be refinanced soon.

IMF hangs Pakistan in limbo

Seeing Pakistan’s poor economic condition, IMF and many other world organizations including its friend China pulled their feet back. Even though China has announced to give it a loan of 700 million, but this amount has not yet reached Pakistan’s account. On the other hand, IMF has placed such a tough condition in front of Pakistan for giving the first installment of $1 billion, which it is not possible for it to fulfill. Two more commercial loans were expected, including $500 million and $800 million, according to official sources. Overall, Pakistan is eyeing refinancing of up to $2 billion of Chinese loans by the end of February or the first week of March 2023, The News reported.

Pakistan is stuck in a severe balance of payments crisis and needs to secure a $1 billion tranche from the International Monetary Fund (IMF) under the $6.5 billion Extended Fund Facility. One of the demands of the global lender was that Pakistan needed to secure additional external financing avenues. According to The News, apart from this, the IMF is also seeking to impose an additional electricity surcharge and raise the policy rate from Pakistan.