‘Proof of great friendship’: China to send Pakistan another $1.3 billion

[Olympus81]

Why blame the Chinese?

They provide loans, you don’t like the terms, you don’t take the loan. Simple.

Its the Pakistani leadership that signed up for loans or projects that had very poor RoI. Onus is on the Pakistani leadership.

Mods, can you stop the Indian morons from derailing this thread.

 

[HAIDER]

This money from CPEC funds ...a project is total failed which consume more power compare to money generate from tickets ..



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$1.5 billion Orange Train Project being started in Lahore: Hamza​

Published April 19, 2015
https://defence.pk/pdf/javascript:void(0)
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Central leader of Pakistan Muslim League-N Hamza Shahbaz Sharif has said that Orange Train Project costing 1.5 billion dollars is being started with the cooperation of China for the people of Lahore which will not be less than standard set in the European countries.
"Resolution of problems and providing facilities to the common man is the basic agenda of PML-N government and Lahore Metro Bus is a glorious example of it. Rawalpindi-Islamabad metro bus project will be inaugurated in next few days. Similarly, installation of filtration plants under Saaf Pani Project at the cost of 12 billion rupees throughout Punjab is being started from Bahawalpur in next few days," he said while addressing the youth of PML-N Youth Wing in PP-141 and 142. Imran Ali Goraya, Tauseef Shah and Shazia Khan as well as a large number of workers of youth wing were present.
Hamza said that filtration plants will be installed throughout the province by the end of 2017 as a result of which citizens will be protected from 80 percent diseases due to polluted water.
He further said that PML-N is determined to put the country on the road to progress and development by ridding of problems like load-shedding, terrorism, price hike, unemployment with the help of youth in next three years. He said that every promise made with the nation would be fulfilled and we would go to the people's court in next elections with pride.
Hamza said that those staging sit-ins wasted seven precious months of the nation and no one could understand their agenda. He said that those taking U-turn and abusing parliament have now come to this sacred House and also took part in senate election.
Hamza said that due to these people, Chinese President had postponed his visit for seven months and now he is visiting Pakistan after two days with a historic package of investment. He said that the coal-based, solar and LNG energy projects will be completed in two years with the cooperation of China.
The PML-N leader said youth are vanguard in the struggle of development and custodian of future of Pakistan. He said that PML-N leadership believes in due role of youth in development works and resolution of people's problems. He said that the menace of terrorism has destroyed law and order, our economy and social life for the last many years. He said the martyrdom of innocent children in Peshawar was a great tragedy after which our political leadership, Pak-Army, Rangers and other institutions have defeated enemies of peace by announcing war against terrorism. He said that PML-N had made tremendous progress in restoring peace in Karachi and expressed the hope that not only Karachi but the entire country would become a haven of peace soon.
Hamza said that 173 places have been identified in Lahore where playgrounds and parks would be constructed at a cost of Rs one billion and would complete in eight months. He said that some places will be reserved for women in these parks and playgrounds.

 

[PradoTLC]

It is absolutely China's right to expect payment of interest and principal. Pakistan is the fool getting to such agreement terms where besides interest, they end up obligated to award contract to Chinese company and worst of all, sign up for guaranteed returns.

Shylock took a pound of flesh on default. China took a port from Pakistan's body. But all legal.

Correct.. especially given the fact the noon league hurriedly signed the CPEC agreements without any real quality research.. PTI’s commerce minister Dawood Razzak accurately stated “they did a bad job”

Reap what you sow Darr

 

[VCheng]

A man with an ounce of self-respect would die rather than ask for handouts. But we have chutiya's in Pakistan distributing sweets.

Pretty much the whole nation at this point, one could dare say. But I will not say so.

 

[Menace2Society]

Correct.. especially given the fact the noon league hurriedly signed the CPEC agreements without any real quality research.. PTI’s commerce minister Dawood Razzak accurately stated “they did a bad job”

Reap what you sow Darr

These b**tard Sharifs quickly signed off the deal and got paid a big backhander for it, deposited straight into their anonymous trust abroad.

 

[my2cents]

‘Proof of great friendship’: China to send Pakistan another $1.3 billion​

Updated: 04 Mar 2023, 09:55 AM IST

Pakistan's Finance Minister Ishaq Dar (R) speaks during a press conference in Islamabad on February 10, 2023. (Photo by Aamir QURESHI / AFP) (AFP)
The fund will be used to help shore up Pakistan’s foreign exchange reserves.

Pakistan is set to receive a $1.3 billion financing boost from the Industrial and Commercial Bank of China Ltd (ICBC) in the coming days, according to the country’s Finance Minister, Ishaq Dar. Speaking at a press conference in Islamabad on March 3, Dar confirmed that all formalities had been completed and that documentation for the process was now complete.

The fund will be used to help shore up Pakistan’s foreign exchange reserves as the country faces challenging economic conditions. Dar confirmed that it was possible that $500 million could be received by Monday or Tuesday of next week, with a further $500 million to be provided within the following 10 days.

Dar reported that the State Bank of Pakistan (SBP) had $3.82 billion in foreign exchange reserves, which, when added to the sums held by commercial banks, totaled almost $9.26 billion.

“There will be a further increase in this. I think China has given proof of great friendship," Dawn quoted Dar as saying.

He said he was confident that the SBP reserves would have $10 billion and the national reserves around $16 billion by June 30. As per Dar, Pakistan’s requirement for the next three to four years is for $16 billion.

Despite the difficult economic climate, Dar was optimistic about Pakistan’s ability to weather the storm, stating: “We have never defaulted and we won’t now. Yes, we were in a precarious situation and are going through it currently."

He went on to defend the current government’s handling of the crisis, stating that its “principled decision" to prioritise the state’s interests over political interests was the “right decision". Dar criticised opposition leader Imran Khan, accusing him of being “selfish" and focused only on criticising the government rather than working together to address the country’s issues.

Dar also took the opportunity to discuss the economic indicators that Pakistan had faced in recent years, blaming “mismanagement and bad governance" for the current situation. He attributed catastrophic floods in 2022 as being a major cause of financial losses, with over $30 billion lost as a result. He also cited global inflationary pressure as a major reason for the country’s rising inflation levels.

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I am surprised China is opening its wallet again. A friend in need is a friend indeed.

 

[etylo]

Please read again, I said Pakistan is allowing China to have that leverage,
Its up to china to use it now or later | Today China is not acting tomorrow it can

Then, you are talking hypothetical nonsense.

 

[PradoTLC]

These b**tard Sharifs quickly signed off the deal and got paid a big backhander for it, deposited straight into their anonymous trust abroad.

You have understand noonie mentality, they are just a head line or a quick fix kind of party incapable of long term thinking.

They were only interested in head line news… $46b CEPC a game changer etc and sold that off as a great achievement

That is how they always ruled and fooled thier supporters

 

[SaadH]

If it's true then Chinese are bigger chutiyay than the lumber 1 duffers

 

[-blitzkrieg-]

I am surprised China is opening its wallet again. A friend in need is a friend indeed.

It's a loan..

It's not free money

 

[knightmare]

You have understand noonie mentality, they are just a head line or a quick fix kind of party incapable of long term thinking.

They were only interested in head line news… $46b CEPC a game changer etc and sold that off as a great achievement

That is how they always ruled and fooled thier supporters

This is interesting! So you guys just blame your politicians for agreeing to predatory lending (which you didn't need) & not the so called friend who made you invest in infrastructure (which will provide them strategic benefits) on their own terms (their contractors, high interest rates, etc.). Normally, if my friend talked me into a (ponzy) scheme which will benefit him, I'll also blame him (apart from my stupidity) & wonder if he's a real friend or not.

 

[knightmare]

Here's an article which highlights why calling Chinese approach to recovering money doesn't qualify as general business practice (let alone benevolence) and is more of an extortion:

1. China doesn't accept write down of loans (which was the typical policy followed by lending institutions till China become too big to ignore - basically why would one lender write down if another is insisting on full payment)
2. China rarely gives any loan directly instead uses the so-called 'banks' to lend so that it can avoid comparison to other loans from states (which tend to be on softer terms). But it still claims charity.
3. Lastly, in case of default, China prefers to negotiate restructuring in private so that the general public & world community doesn't come to know of its terms - which involve recovering through compensatory transfer of resources or through acquisition of infrastructure.

So, essentially, Pakistan is being subjected to the same exploitative lending as the rest of the world but still feels China is being a friend here. This is when China was taking repayments even in the last month & now with IMF deal in sight has agreed just to delay the payment. Still, in Pakistani view, IMF/western lenders are the bad guys who asked Pakistani's to move to viable governance. You guys have a funny understanding of events.

China is paralysing global debt-forgiveness efforts

Restructurings have all but disappeared

www.economist.com

 

[etylo]

Here's an article which highlights why calling Chinese approach to recovering money doesn't qualify as general business practice (let alone benevolence) and is more of an extortion:

1. China doesn't accept write down of loans (which was the typical policy followed by lending institutions till China become too big to ignore - basically why would one lender write down if another is insisting on full payment)
2. China rarely gives any loan directly instead uses the so-called 'banks' to lend so that it can avoid comparison to other loans from states (which tend to be on softer terms). But it still claims charity.
3. Lastly, in case of default, China prefers to negotiate restructuring in private so that the general public & world community doesn't come to know of its terms - which involve recovering through compensatory transfer of resources or through acquisition of infrastructure.

So, essentially, Pakistan is being subjected to the same exploitative lending as the rest of the world but still feels China is being a friend here. This is when China was taking repayments even in the last month & now with IMF deal in sight has agreed just to delay the payment. Still, in Pakistani view, IMF/western lenders are the bad guys who asked Pakistani's to move to viable governance. You guys have a funny understanding of events.

China is paralysing global debt-forgiveness efforts

Restructurings have all but disappeared

www.economist.com

Pure nonsense, so you India can give out shit loans to the needed and you call that benevolence on your part.

 

[Menace2Society]

Pakistan should not have taken any more loans before stabilizing the economy without IMF loans.

Manufacturing base and exports can be increased without any external help, just have to be resourceful.

PMLN need to be kicked out from politics for good, its blunder after blunder.

 

[PradoTLC]

This is interesting! So you guys just blame your politicians for agreeing to predatory lending (which you didn't need) & not the so called friend who made you invest in infrastructure

Compared to China, India is a real problem. In case you didn't apart from the endless bad deeds india does it is demanding the revision of the Indus water treaty of 1960..

go figure