$700m 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.and Chinese commercial banks. Securing the financing will help to unlock bailout cash from the International Monetary Fund .Development Bank came the day after Pakistan’s National Assembly unanimously passed a money bill to increase tax revenues.
In the week ending 16 February, inflation for core goods, such as cooking oil, vegetables and fuel, hit 38.4%. On a visit to Islamabad last week, Derek Chollet of the US state department said: “We have been very clear about our concerns not just here in Pakistan, but elsewhere all around the world about Chinese debt, or debt owed to China.”
On Friday G20 finance ministers and central bank governors will meet in Bengaluru in India. The US treasury secretary, Janet Yellen, will press China to offer debt relief to low- and middle-income countries. India is also drafting a proposal for large lenders, including China, to take a haircut on loans, according to Reuters.
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