A report by Bloomberg has revealed that Pakistan has to pay more loans to China than IMF in the next three years. According to a Report published in the Bloomberg, it was revealed that the amount of money Pakistan has to pay to IMF is much more lesser than what it is bound to pay to the Chinese government.
Pakistan will have to pay $6.7 billion in commercial loans to China until the end of 2022 whereas IMF has to be paid double the lesser amount. Pakistan will pay IMF $2.8 billion until 2022.
Although, Pakistan has been one of the biggest beneficiaries of China’s belt and road initiative but the bulk of loans acquired over the last few years wasn’t enough to settle Pakistan economic woes eventually forcing Pakistan to knock at the door of International Monetary Fund (IMF).
Pakistan recently got a package of 6 billion US dollars from the IMF to help recover it’s ailing economy.