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America Alerts whether Pak is not paying debt of China with IMF Money

America Alerts whether Pak is not paying debt of China with IMF Money

Pakistan, facing economic crisis, has once again demanded loan from International Monetary Fund (IMF).  America became cautious after that. The US is in doubt whether Pakistan is seeking this help from the IMF to pay debt from China. US has cleared to show transparency on Pakistan’s debt from China.

International Affairs Deputy Finance Minister David Malpas told the MPs during the hearing of a Congress-related committee that the IMF team is back from Pakistan. We are emphasizing that there is total transparency in debt.

Disclosure of terms of loan: Merkley: In this regard, US MP Jeff Merkelie had asked Deputy Finance Minister David Malpas whether the IMF fund is being used to offload Chinese debt. Merkley says that one challenge is that Pakistan has not disclosed the terms of its debt in most cases, including the interest rate and its duration.

Last month, US State Department spokeswoman Heather Norte had said that before financing a loan to Pakistan, its financial condition and how much debt is there, it will also be reviewed. How much and on which conditions Pakistan has borrowed from other countries, we will also examine it.

Pak wants $62 billion’s debt: Pakistan has also a debt of about $ 62 billion of China. Recently, Pak has sought 12 billion dollars (bailout package) from the IMF to overcome his financial crisis. Earlier, the IMF had given Pakistan $ 6.7 billion in aid in 2013. In the same year, the Pakistan government had also demanded a $ 200 million loan from three banks of the UAE.

Closed several projects:  Pakistan has closed its several projects due to its worst financial condition which include a $ 8.2 billion rail project between Karachi and Peshawar. Apart from this, many other projects have also been stopped so that the burden of debt on the country can be reduced.

Q.1 Pakistan has an economic crisis due to the debt of which country?
A. India
B. America
C. China
D. Japan
Ans: China
Q.2 Whom Pakistan is asking for a loan of 62billion dollars?
A. International Monetary Fund (IMF)
B. World Bank
C. International Bank For Reconstruction and Development
D. Organisation for Economic Co-operation and Development
Ans: International Monetary Fund (IMF)

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