Get the latest breaking news across the U.S. on ABCNews.com Chinese spare no one. The Trading Economics Application Programming Interface (API) provides direct access to our data. @murtaza, Why should they write off. then why go US only ask mutual friend, That means absolutely not to Pakistan on loan forgiveness or any deferment. The economy of Pakistan is a low income developing economy. Moneycontrol The problem with Pakistan is that it thinks that whenever it gets in a trouble the world will come rushing to our rescue in a sense that we are so so much important to the entire world such that we make passenger aircrafts, semiconductors, electronics, medical equipment, weapons, heavy industry, vehicles etc. The Gross Domestic Product per capita in Pakistan was last recorded at 1507.11 US dollars in 2021. But just as Pakistan barely managed to meet its financing needs of almost $35 billion for its fiscal year ending in June 2023, unusually heavy monsoon rains in the summer caused billions of dollars in damages, devastated 4 million acres of crops, displaced almost 8 million people and affected nearly 15% of the country's population of 220 million. Bilawal has no life experience having been fed with a golden spoon since birth. US aid $56 million plus 17 planes loaded with necessary supplies. Economy of Russia @Dr Asif , very true. It is upto Pakistan to have both countries to agree to provide help to Pakistan. It is based on mutual trust and respect. This page provides - Pakistan Why should anyone else pay, who do not have a relation with Pakistan based on mutual trust and respect ? US doesn't want its aid to Pakistan used to pay down the dedt owed to China. The South Asian foreign ministers were not expected to meet in Washington. US is the no 1 super power of the world. We need to figure out how to undo the damages outside of relying on charity, aid and loan restructuring. "Let's stop sleepwalking towards the destruction of our planet by climate change. Aid is starting to arrive after Pakistan launched its own appeal for help. Then, theyd have enough funds to rebuild half the country, and river ports too. @Hamed , did you see the welcome he got? The world will lose all respect for our country. However, the three-time finance minister said that he was committed to completing the program. For both countrieshow about waiving the debt? The Pakistan finance minister added that the IMF's new emergency "food shock" borrowing window may also be a good fit for the country, which has lost crops due to devastating floods and may need to import up to half million of tons of wheat in the next year. Why we don't build rivers/lakes/streams ? Prime Minister Shehbaz Sharif's five-month-old government has faced criticism for restrictions on the media since he replaced Imran Khan. Surely you dont want to compromise that title. Join LiveJournal @Aragon, There is no comparison between S. Jaishankar and this school kid. Speaking to VOA, Dar said, "God willing, there will be no possibility. Report ISLAMABAD: Federal Minister for Finance and Revenue, Mohammad Ishaq Dar said that Pakistan would seek rescheduling of some $27 billion worth of non-Paris Club debt largely owed to China, but will not pursue haircuts as part of any restructuring.In an interview with British News Agency, Reuters, the minister ruled out the possibility of [] True Colours of our iron brother China are on display. The CBO forecast in April 2018 that the ratio will rise to nearly 100% by 2028, perhaps higher if current policies are extended beyond Impose strict minimum legal status and academic requirements to hold public office. Xi can take care of Pakistan's pain with the stroke of a pen tomorrow if he pleases. World Bank Standard users can export data in a easy to use web interface or using an excel add-in. China is one of the largest contributors to climate change! China is basically saying - we only do trade, not friendships. @Mirza, IMF has never claimed to be iron brother of Pakistan. @Hamed, starving? Latest Breaking News, Headlines & Updates | National Post Because currently Pakistan owes China the most debt . To make it clear to everyone China is a Pakistan Pakistan is China. Remember! At the same time, the global community needs to ensure that investments in climate change-resilient infrastructure are overlooked by reputable NGOs / individuals & are based on pre*-approved plans instead of allowing 'influential individuals' to siphon off this opportunity as well. Extreme weather: What is it and how is it connected to climate change? @Mirza, Really? Chinese Foreign Ministry Spokesperson did not utter a word about debt relief. Washington, whose alliance with Islamabad has frayed, has repeatedly charged that China will reap the benefits while Pakistan will face unsustainable debt. Vaste swathes of rich agricultural land have been devastated in this year's monsoon, damaging food supplies and sending prices soaring. @Ashley, We are a country with a population of 250 million people and we have been importing vehicles, medical equipment, machines and pretty much everything from other countries. Pakistan helped the West in defeating the Soviets, and the West has and will continue to reap the benefits of peace dividends. Copyright Thomson Reuters 2022. A post shared by Churail Sarwat (@sarwatg). He said Pakistan has not engaged in physical intervention in the currency, which has been battered this year by a strong U.S. dollar, but which has rallied some 10% since his appointment. China will never write off even a pennyforget about millions. China says Pakistan is our ally but would rather she beg from the US. Advanced users can use our Python/R/Matlab packages. They (US) wants to create distance from our 'IRON BROTHER'. I am for market-based, but not subject to a currency being taken hostage and making speculators billions of dollars, he added. Floods have affected 33 million Pakistanis, inflicted billions of dollars in damage, and killed over 1,500 people creating concern that Pakistan will not meet debts. API users can feed a custom application. American government officials are well aware of what is happening in Pakistan. Pakistan should understand. But he said Pakistan and the United States have a shared stake in Afghanistan's future, including greater freedoms for women and girls, whose rights have again been heavily curtailed by the Taliban. Why not just to go higher than mountain best friend China? During Dar's visit, IMF and World Bank officials expressed sympathy for Pakistan, but they discouraged its government from providing untargeted subsidies to deal with the effects of the floods and urged it to reform its energy sector, which loses millions of dollars annually because of subsidies. With this, the country who had given free money for decades is asking the country who is repeatedly looking for economic help to go to a country that they call as iron brothers. Pakistan is now officially Chinese occupied failed state! Credit rating company Moody's recently downgraded Pakistan, casting doubt on the country's ability to make loan payments. Pray tell what benefit does US get from Pakistan, They left Afghanistan months ago. Watch: A 'monsoon on steroids' - UN chief in Pakistan floods. Since USA has put these PDM incompetent politicians to rule Pakistan then USA should take care of flood victims like they are doing for Ukrainian. Pakistan does not have the resources to pay the principal+interest of those loans. Why is recapturing Kherson so important for Ukraine? Recommend 0. Plus, the USA has no obligations towards Pakistan. How does the advise sound to Pakistan? Insolvency and Debt Resolution All Rights Reserved. On currency, the finance minister said Pakistan has not engaged in physical intervention in the currency, which has been battered this year by a strong US dollar, but which has rallied some 10% since his appointment. That is tragic. VideoIn the name of atheism: The case of Mubarak Bala, The Indian-American 'helping' Elon Musk run Twitter, Why an old train could point to a clean energy future. US need to do more, it is China and the US industrialization caused this disaster and pay for it, or Pakistan go to international court against both countries and against PTI and PMD. But when Pakistan is asking they are just saying go to China ? The opportunity of this crisis in Pakistan is that we must build back better greener, more climate-resilient back home as well, he said. News @Sher Ali Bukhari, Get your facts right. US needs to set example by writing off $450 million they want Pakistan to pay for the F-16s. China tried to use Pakistan as a counter weight to India but got beat on its own game by the US by India becoming a counter weight to China .Instead of dwarfing india its accelerated their growth. @Mirza, Debt forgivenesss would result in another 75years of feudal and establishment rule. He is correct. SinoPak Iron Brothers 4 Life! The floods are a political blessing for this government. This is the state of affairs for the people of Pakistan. @Dr. Siddiqui, Tell that to Bilawal & Zardari ,they have enough money to help on its own. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. We need to stop seeking aid and help and try to fix things on our own, start paying taxes for a start. He said the UN appeal aimed to provide 5.2 million people with food, water, sanitation, emergency education and health support. While jaishankar has reached his position with hard work , consistency and on top of merit, Bhutto has reached by cheating and fraud. Today, it's Pakistan. We can only laugh and cry at what stands out as our brutalisation. What did people ditch tweets for? Arent you thankful for free 56 million we are getting from USA, india nor china hasnt even donated anything.. and Nazi was kept waiting biden's call for 4 years. Once again, People's Republic of China is 100 percent right. Pakistan's external debt is more than $130 billion, and its debt-to-GDP ratio is close to 75%. "Things are so expensive because of this flood that we can't buy anything," Zahida Bibi, a shopper at a market in Lahore, told AFP news agency. Reuters/File, US Secretary of State Antony Blinken and Foreign Minister Bilawal Bhutto-Zardari trade places to deliver remarks after their meeting at the State Department in Washington. He spoke about help which IMF(read USA) allowed to divert $2B for flood relief apart from $56mil. These could have saved lives and livelihoods in Pakistan, which is drowning not only in floodwater, but in debt.. We have a plan for your needs. However, in the corridors of power and influence at International Monetary Fund (IMF) and World Bank (WB) in Washinton, D.C. who cares? A symbolic pathetic individual with no vision and quality of any sort. Pakistan So both the West & China should offer to Pakistan,favorable trade deals and investments,so jobs are created, instead of loans or debt write offs. Pakistan's parliament completes its term in August, leaving him with less than a year to fix a plethora of problems, and perhaps even less time if elections are called sooner. Earlier this week, the UN secretary general, who also visited Pakistan recently, made a forceful address to world leaders gathered for the opening day of the General Assemblys high-level debate. During COVID in the US, no one paid rent or mortgage for 18 months. China will never reschedule, restructure, write off or forgive any debt / loans / liabilities of any kind. A recent report released by the World Bank said Pakistan's economy is expected to grow by a mere 2% this year because of the floods, and 5.8 million to 9 million people could be pushed into poverty "without decisive relief and recovery efforts to help the poor.". @Ravi Dhar, He was given a coupon for local McDonalds. But the treatment will be based on the principles of just [justice] and equality," he said. Pakistan is stuck in Chinese debt and Afghanistan is of no interest to the US. He is correct, that both the West and China should offer help. He said IMFs new emergency food shock borrowing window may also be a good fit for the country, which has lost crops due to devastating floods and may need to import up to half million of tons of wheat in the next year. China has invested billions in Pakistan. China sent $50 million in humanitarian assistance. Gross Domestic Product per capita in Pakistan floods out as our brutalisation three-time finance said. 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