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Monday, January 30, 2023

China pulls out Pakistan from its debt; loans 1 billion to the latter for reimbursing Saudi Arabia

December 18, 2020: Pakistan paid the second installment of the 3 billion soft loan taken from Saudi Arabia with the help of China. 1 billion was returned to the Riyadh this week and another 1 billion is due next week. According to officials, Pakistan reached out to China for a commercial loan when the Riyadh pressed the former to pay back quickly.

As accounted by analysts, it’s unusual for Riyadh’s nature to press for money, not from Pakistan, as both the nations have a long standing friendship but their relation has been stained recently. 

“China has come to our rescue”- a foreign ministry official said to Reuters. He further stated that “We have paid 1 billion to Riyadh and another 1 billion will be paid next month.” Saudi Arabia gave Pakistan a $3 billion loan and a $3.2 billion oil credit facility in late 2018. when Islamabad asked support from Riyadh in matters of its conflict  with India, Saudi Arabia has pushed Pakistan for requiting the credit amount.

US has also shown concern over the fact that multiple Asian countries are coming under Chinese debts. They also criticised China-Pakistan Economic Corridor plans for better infrastructure in Pakistan which involves a sum of more than 60 billion.

The Readers Time
The Readers Time
The Readers Time is the editorial that brings in new information or showcases the other side based on the facts and data. Our analysis is not based on secondary research; rather, it is a combination of self-conducted research based on raw data analysis and understanding. We are focused on delivering each piece of information based on categories such as news, facts, lifestyle, product reviews, travel, health, food, and technology. The strength of The Readers Time is to deliver the right information based on actual data and analysis. The Readers Time is a blend of emotion, interaction, philosophy, thoughts, and real-world facts. We write to convey the actual dimensions of any situation, facts, or categories.

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