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Cash-strapped Pakistan requests another year to pay back Chinese loans

A debt-ridden Pakistan has requested its all-weather ally China that it needs another year to pay back a billion dollars Islamabad had borrowed from Beijing last year.

According to The Frontier Post, Prime Minister Imran Khan has written a letter to Chinese Premier Li Keqiang on June 8 that July 23, 2021, was the date when Pakistan is supposed to return one billion dollars it had borrowed.

Imran Khan further stated that due to this support by China, "this deposit is contributing significantly easing pressure on our external account."

He requested that another 12 months be given to Pakistan to pay back this loan at an interest rate of one per cent, according to The Frontier Post.

Earlier, a bankrupt Pakistan's debt problems escalated when China declined to restructure USD 3 billion in liabilities. Islamabad has requested Beijing to forgive debt liabilities owed to China-funded energy projects established under the China-Pakistan Economic Corridor (CPEC).

Media reports suggest that China has refused to budge on Islamabad's request to renegotiate the power purchase agreements, saying that any debt relief would require Chinese banks to amend the terms and conditions under which the credits were extended.

The banks, including China Development Bank and the Export-Import Bank of China, were not prepared to revise any of the clauses of the agreement reached earlier with the government, Beijing said in response to the request to renegotiate terms. Pakistan has already entered a sovereign debt "danger zone" with total liabilities and debts of USD 294 billion representing 109 per cent as a percentage of GDP as of 30 December 2020.

As Pakistan's financial debt continues to mount, the country's total debt and liabilities rose to Rs 45.470 trillion at the end of March 2021, an increase of Rs 2.666 trillion or 6.2 per cent a year earlier, according to data from the State Bank of Pakistan (SBP).

Meanwhile, the debt owed by the government to the International Monetary Fund (IMF) rose to Rs 1.164 trillion from Rs 1.071 trillion. (ANI)

https://in.news.yahoo.com/cash-strapped-pakistan-requests-another-140202568.html

PPP will not allow economic murder of people: Bilawal Bhutto

 Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto has said Saturday that how the budget could be public when the inflation, unemployment and poverty are historic.

In his statement, Bilawal Bhutto said that the year has changed but the condition of people is still same. He said that Prime Minister (PM) Imran Khan has failed in providing relief to the common man.

“Imran Khan has unveiled his anti-public agenda. Pakistan Peoples Party will not allow economic murder of the people,” he added.

https://dunyanews.tv/en/Pakistan/605745-PPP-will-not-allow-economic-murder-of-people:-Bilawal-Bhutto

An increase of Rs 20 per liter on petrol and Rs 7 per kg on sugar is occurring due to indirect taxes – says Chairman PPP Bilawal Bhutto Zardari

 

Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari called out the PTI government for presenting a selected anti-people budget. Chairman PPP also rejected the budget terming it as a method of economic murder that will lead the country to the point of no return.

In a statement issued from the Media Cell Bilawal House, the Chairman Pakistan Peoples Party Bilawal Bhutto Zardari stated, “It is evident IMF employees prepared the budget and then gave it to Imran Khan. Yet, the puppet PM went ahead and presented it without any consideration, nor did he pay heed to the plight of the poor.”

Chairman Bilawal Bhutto Zardari also asked the nation to note the indirect taxes imposed by the PM. “Instead of applying direct taxes, Imran Khan is robbing the nation by levying indirect taxes worth billions of rupees.”
Highlighting the atrocious amount of indirect taxes imposed, Chairman PPP said, “An increase of Rs 20 per liter on petrol and Rs 7 per kg on sugar is occurring. Gas and petrol prices will also go up when companies give 17% sales tax on crude oil and LNG.”

Chairman PPP Bilawal Bhutto Zardari warned the nation that indirect taxes worth billions of rupees imposed on every commodity used by common people would soon expose the country to a new tsunami of inflation.
“People started shopping online to avoid coronavirus, but Imran Khan imposed sales tax on online shopping as well. So where will the common man go now?” questioned Chairman PPP.

Declaring the correct government inefficient and an enemy to Pakistan’s progress, Chairman Bilawal Bhutto Zardari said it was a tragedy that overseas Pakistanis were sending more in remittances than the exports of the country.

https://www.ppp.org.pk/pr/25106/

Today, the Opposition leader was not allowed to tell the nation the realities of the economic situation – says Chairman PPP during a media talk at the Parliament

Chairman Pakistan Peoples Party, Bilawal Bhutto Zardari responding to the questions of the journalists in the Parliament House said that the experience of running the government from the container has failed. Today, the Opposition leader was not allowed to tell the nation the realities of the economic situation. The government did not show the figures of inflation and unemployment in the economic survey of Pakistan so that it can hide its failure. Every citizen is suffering due to inflation by the Imran Khan’s government and knows the failure of the government. 

This is the real face of Imran Khan’s “change”. The government cannot hoodwink the people despite its childish behaviour.

Chairman Bilawal said that the Speaker and deputy Speaker are not playing their role and PPP offers all members to the opposition leader in the no-confidence motion against them.

https://www.ppp.org.pk/pr/25108/