Pakistan Debt: Pakistan’s debt rises to $124 billion

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shehbaz sharif

Pakistan Debt: Pakistan’s debt burden has doubled in the last decade. Meanwhile, Pakistan Prime Minister Shahbaz Sharif is on a visit to China to restart the CPEC project.

Pakistan Debt: Pakistan is getting trapped in China’s net, the way Pakistan had thought about China’s CPEC project, it did not happen. The debt of Jinnah’s country Pakistan has now doubled, in such a situation a big problem has arisen for Pakistan. Pakistan’s Prime Minister Shahbaz Sharif is on a five-day visit to China these days. Shahbaz Sharif will meet Chinese President Xi Jinping in China. This visit of Shahbaz is taking place at a time when Pakistan is trusting China the most.

Shahbaz Sharif will visit Shenzhen and Xi’an, cities known as China’s development posters. Pakistan wants to come out of its bad economy immediately, Pakistan has a lot of expectations from China’s CPEC project, but it is difficult to say what will happen next. At present, Pakistan’s debt has doubled in the last decade.

CPEC is a project that traps Pakistan in debt

The 62 billion dollar CPEC project was started in the year 2015. The governments of both the countries see this project as a game changer. This project includes the construction of a major port, power plant and road network. The expectations from this project a decade ago are not as much as they were. CPEC is an important part of China’s Belt and Road project. China presents it as a project to increase trade activity, but experts say that it will increase China’s geopolitical influence and trap a poor country like Pakistan in a debt trap.

Pakistan’s debt doubled

The CPEC project could not be implemented in Pakistan due to political, economic and security reasons. Shahbaz Sharif has now come to power in Pakistan, which is facing an economic crisis. Shahbaz is once again trying to take CPEC forward afresh. Nawaz Sharif started the CPEC project in the year 2015. Pakistan did not develop due to this project, but the debt definitely doubled. When Nawaz Sharif came to power in the year 2013, Pakistan’s foreign debt was 59.8 billion dollars. A decade later, his brother Shahbaz Sharif is now in power and Pakistan’s debt is over $124 billion. The biggest debt of the total is owed by China, at $30 billion.

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