Pakistan’s fresh £580m loan from China intensifies debt burden fears
Loan is on top of £25bn that cash-strapped Islamabad already owes Beijing and Chinese commercial banks
China has agreed to loan Pakistan $700m (£580m) to help it weather its worst economic crisis in a generation, in a development that will intensify concern among western countries about cash-strapped Islamabad’s debt burden to Beijing.
The loan comes on top of $30bn (£25bn) that Pakistan already owes China and Chinese commercial banks. Securing the financing will help to unlock bailout cash from the International Monetary Fund (IMF).Continue reading...