चीन की यारी पाकिस्तान पर पड़ी भारी,अब होगा The End

चीन की यारी पाकिस्तान पर पड़ी भारी,अब होगा The End

China's "evergreen friendship" has now started to make huge headway on Pakistan's economy. The burden of the CPEC (China Pakistan Economic Corridor), which is being built at a huge cost in Pakistan, is clearly visible under China's ambitious project 'Belt and Road'.



Despite the recent help from Saudi Arabia, Pakistan's foreign exchange reserves are going to be empty again. According to data released by State Bank of Pakistan (SBP) on Thursday, Pakistan's central bank's foreign exchange reserves have declined by 6.95 per cent every week.



Pakistan has received necessary financial help from Saudi Arabia in the midst of the concern of the foreign exchange reserves, but still there is continuous decline in the foreign exchange reserves of Pakistan for 13 consecutive weeks.



Pakistan's foreign exchange reserves have fallen to the lowest level in the last four and a half years, which has deepened the economic crisis on Pakistan. After getting help from Saudi Arabia, Pakistan's foreign exchange reserves had surpassed $ 8 billion but once again the stock has dropped below this figure.



On November 30, the State Bank of Pakistan had foreign exchange reserves of $ 7.5 billion, which was less than $ 0.5 billion less than the foreign exchange reserves ($ 8.06 billion) a week ago. This fall in foreign exchange reserves has resulted from external debt services and other official payments.



On the other hand, the debt burden on Pakistan is also increasing. According to figures released by State Bank of Pakistan, Pakistan has a debt of 31 trillion rupees in September 2018. In the last 3 months, Pakistan's debt has increased only by Rs 984 billion.



From January 2018 the central bank has made currency one-third weak and interest rates have also increased by 4.25%. Total debt and liability include Public Sector Enterprises (PSEs) loans, non-government external debt and foreign direct foreign debt. Even if the liability is withdrawn, Pakistan's total debt is 29.4 trillion rupees.



Earlier, Pakistan's foreign exchange reserves had reached $ 9.06, due to which the central bank devalued currency for the fourth time since December 2017.



Last month, the Chinese Embassy head of mission, Zhao Lezhon, promised to provide a financial package to Pakistan suffering from the crisis of empty treasure and also indicated that the package of China would be bigger than Saudi Arabia's package.



A month ago China gave a $ 2 billion loan to Pakistan. The objective of this move was to stop the decline of foreign exchange reserves and give some relief to the new government of Pakistan. However, behind this concern, not his friendship with Pak, but his ambitious project is Belt and Road. China knows that if Pak is caught in some kind of financial crisis then its CPEC project will also be threatened.



According to analysts, behind the condition of Pakistan, 'friend' is the hand of China. Pakistan's imports have increased steadily and foreign currency reserves are also declining due to heavy payments to companies engaged in the China Pakistan Economic Corridor (CPEC).



There is a pressure on the current account deficit due to the import of Chinese machinery at a large level under the CPEC project. On the other hand, due to rising oil prices, the trouble of oil importer Pakistan has increased.



China has already trapped Sri Lanka in its debt trap. Sri Lanka, under debt burden, was forced to hand over strategic and economically important Hambantota port on lease for 99 years.



Large scale roads and railway lines will be built using the resources of Pakistan in the CPCSE project. This project is to connect Xinjiang Province to Gwadar Port. However, by 2030, Pakistan will have to pay $ 90 billion which will be a major challenge. All the tenders of this project will be given to Chinese companies and they will not face any global competition. As a result, Chinese companies will be able to charge more. Overall, in many ways CPEC is responsible for the mischief of Pakistan's economy.



It was reported in a report that Pakistan's Prime Minister Imran Khan is worried about huge Chinese debt under the China-Pakistan Economic Corridor (CPEC). In October, Pakistan's Rail Minister Sheikh Rashid had announced a cut of the cost of a railway project of CPCC by $ 2 billion. Railway Minister had said that Pak can not afford such a heavy debt



Last month, Pakistan had turned down China's proposal to build the Damer language dam, which was built at a cost of $ 14 billion. It is also an indication that there are fears in Pakistan's mind about China's debt somewhere.