Pak's dependence on China for economic well-being going to increase: Expert

The handshake between Pakistan Prime Minister Imran Khan and Chinese President Xi Jinping on February 6 for the Beijing Winter Olympics) portrays that Beijing's grip over Islamabad is much more than ceremonial or symbolic, according to political analysts.

As per The HK Post, Pakistan's dependence on China for its economic wellbeing- short, medium and long-term- is heavy and promises to increase.

According to Pakistani economist Kaiser Bengali, Pakistan is now 100 per cent dependent on China for financial and economic assistance.

He told German media outlet DW on the eve of Khan's Beijing visit that the "immediate purpose of the visit" was to seek a loan from Beijing, reflecting Pakistan's growing reliance on China.

"While the conditions of the IMF are made public, China keeps the terms and conditions of loans and projects secret, which leads to suspicions," he said.

China committed projects worth USD 3.5 billion and its enterprises showed interest in many Pakistani projects, but as per media reports, it has yet not been materialized.

Pakistan is in a desperate situation and it needs loans to meet its foreign debt servicing needs and domestic use and is also seeking a bigger loan from the International Monetary Fund (IMF).

Moreover, Khan has earned the sobriquet of being an "international beggar" from critics at home. His money dealings with other allies, Saudi Arabia and the UAE have been both iffy and inadequate, reported The HK Post.

Khan and his team were keen to impress the Chinese entrepreneurs to invest in Pakistan. Their disappointment came after restrictions were placed by the COVID-19 pandemic, they were forced to address them virtually. Reports said that their pleas for a physical conference were turned down by the hosts.

At the diplomatic level, the visit remained essentially bilateral. Efforts to meet Russian President Vladimir Putin who was also in Beijing for the Games did not materialize, reported The HK Post.

(ANI)

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