Pakistan’s economy is on the verge of collapse under a huge mountain of debt. China approved a $700 million credit facility for the insolvent nation. The credit, however, drives Islamabad even deeper into the Chinese trap, as this recent loan will make it even more challenging for the struggling economy to pay its interest obligations. Pakistan now has no choice but to accept this Faustian bargain. With the Pakistani rupee depreciating, fuel prices skyrocketing, and taxes on luxury goods rising, Pakistan has long been sliding into a severe economic crisis. The Islamic Republic is doing everything in its power to access the next installment of the IMF's $6.5 billion loan facility. China is already Pakistan’s largest creditor, with much of their debt coming under the China-Pakistan Economic Corridor (CPEC). Pakistan’s debt to China increased from $7.2 billion in 2017 to $19 billion in 2018 and $30 billion in 2020

#ShehbazSharif #Pakistan #China

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