Pakistan, which dreamed of destroying India, has now become one of the 10 most indebted countries in the world. According to a World Bank report, Pakistan has joined the 10 countries that have borrowed the most from foreign countries or institutions.
After the corona infection, the World Bank report has brought a double whammy for Pakistan. Pakistan may now find it difficult to get loans from abroad. Under the Debt Service Suspension Initiative (DSSI), all debts of Pakistan can be suspended.
What is DSSI, what will be the effect on Pakistan?
Under this initiative, the developing countries which are in dire condition, the loans received by them are suspended for some time. This is called Debt Service Suspension Initiative (DSSI). Apart from Pakistan, countries like Bangladesh, Ethiopia, Ghana, Kenya, Nigeria, Mongolia, Uzbekistan, Angola, Zambia are included in the list of these countries.
10 countries took 59% of the total debt of the world
The combined debt of these 10 countries stood at $509 billion by the end of 2020. This is 12% more than in 2019. These 10 countries have taken 59 percent of the loans to countries around the world. Most of the institutions have now refused to give loans to these countries. That's why they now take large numbers of unsecured loans at any rate of interest. An example of this is Pakistan, which constantly borrows from China in the name of the CPEC project and its interest percentage is never made public.
Pakistan has appealed to China to waive the debt
Pakistan, which is going through the trouble and on the verge of bankruptcy, had requested China to forgive the debt about 4 months ago, but China refused to do so. The Imran Khan government had appealed to waive $ 300 million (about 22 thousand crore rupees) taken under the China-Pakistan Economic Corridor. Pakistan wanted China to waive the debt and also do the restructuring of the CPEC project.
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