Federal Minister for Planning, Development and Special Initiatives Asad Umar on Wednesday said China was not responsible for Pakistan’s debt sustainability problems, insisting the issue was of our own making. Addressing a news conference, the minister admitted that the country had a debt servicing and debt sustainability challenge but hastened to add that "we do not have a China debt problem". “We do not have a China debt problem, as China’s debt is only 26% of the total external debt of Pakistan,” said Umar while clearing China of Pakistan’s debt mess. ”Chinese loans to power projects range from 3.3% to 4.75% while the western loans from 3% to 4.75%,” said Umar. Mansoor said when work on the Thar coal power project was initiated, no one other than China was ready to invest in the project.

Source: The Express Tribune October 06, 2021 08:54 UTC