Chinese loan accounting for 10-11 per cent of the aggregate – 247 City News

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Chinese loan accounting for 10-11 per cent of the aggregate

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ISLAMABAD: Pakistan’s total foreign debt is about $106 billion with Chinese loan accounting for a mere 10-11 per cent of the aggregate, while the remaining 89-90pc is from other sources such as the International Monetary Fund, Paris Club, and other western organizations, Economic Secretary Noor Ahmed said.

China has concurrently give a loan to Pakistan and financed in the country, with new planned in the next phase of China-Pakistan Economic Corridor, he told Xinhua.

Syed Hassan Javed said, Director of the Chinese Studies Centre, School of Social Sciences and Humanities at National University of Science and Technology “Through CPEC, Pakistan is utilizing its own natural resources to generate electricity which will gradually reduce the country’s dependency on imported fuels”.

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In a current talk with Xinhua, Muhammad Muzammil Zia, policy head of job growth and human resource development in CPEC Centre of Excellence, an Islamabad-based think-tank, also said that that CPEC has generated 70,000 direct jobs in Pakistan and is expected to create 1.2 million more in its presently approved projects, which will help poverty abolition in the country.

According to Moody’s, ongoing execution of CPEC projects is possible to contribute 9-10pc of Pakistan’s GDP in the 2018-2019 while Deloitte said it would add up to 2.5 percentage points to the country’s growth rate.

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