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NATION FEBRUARY 03, 2023 | The Indian Eye 8

US$ 10 billion payouts: Will Pakistan be

able to redeem itself or default again?

As 2023 unfolds, the country is bound to repeat the vicious cycle of borrowing from one creditor to pay off another,

only to buy more time to pay the original amount while slowly driving itself off the cliff, says a report

OUR BUREAU
Islamabad

akistan, which is due to receive
USD 10 billion payout in com-
Ping months amid its faltering
economy, is in soup over its shoddy
past of corruption, reported Islam
Khabar. The burning question is --
given the generous donation of the in-
ternational community, will Pakistan
be able to redeem itself or default
again and remain a global joke? Its
leaders are rejoicing as the country
steps into its 23rd IMF programme
and the ruling class is boasting of the
achievement, as if begging for money
accounts for economic growth, stated
the report.
In its Global Crisis Risk Report,
the World Economic Forum fears
that Pakistan’s institutions will be in-
active and perjured within two years,
reported Islam Khabar.
The rich will flee to their secure A large parts of Pakistan went dark this week after the failure of national power grid
hamlets abroad and the poor will be
left behind to pay off the accumulated USD 4.2 billion, pledge does not is probably a minuscule detail for the mail claimed that the “government
debt, the report said, adding that the oblige them to commit a huge sum of political leaders who have left out this is not only forcing us further into a
treasury is already empty. money as it is not an agreement, the information as it doesn’t benefit their debt trap but risks defaulting on re-
Further, according to the report, report said. agenda, reported Islam Khabar. payment”. Pakistan already owes the
the political tug of war has the flood This fact and many such condi- Speaking to a national daily, world about USD 100 billion, USD 21
victims on the brink of death and the tions on the USD 10 billion pledged, former Finance Minister Miftah Is- billion of which is due to be repaid to
rest of the nation in severe crisis. the creditors in this fiscal.
PM Shehbaz Sharif declared No back-channel diplomacy with As 2023 unfolds, the nation is
the international donors’ conference bound to repeat the vicious cycle of
in Geneva a ‘success’ and promised India: Hina Rabbani Khar borrowing from one creditor to pay
that every rupee pledged will account inister of State on For- diplomacy must take place if it is off another, only to buy more time to
for flood victims as if somehow this eign Affairs Hina Rab- fruitful but “no backdoor diplomacy pay the original amount while slowly
will redeem his respect and goodwill Mbani Khar on Thursday is currently taking place with India,” driving itself off the cliff, reported Is-
among the public. dismissed claims of backdoor diplo- reported Geo News. lam Khabar.
However, farmers swimming in Over the past three days, owing
However, Khar stressed Paki-
the worst-hit areas of Sindh find it macy with India stating that at this stan’s keenness toward the estab- to a major power breakdown in major
stage, no dialogue was taking place
hard to believe that they would re- between the two countries, reported lishment of peace. She described the cities of
ceive “even one rupee” of what is Geo News. opening of Kartarpur Corridor as a Pakistan including Karachi, La-
promised, reported Islam Khabar. Her response came after Paki- positive precedent saying such pro- hore, Islamabad, and Quetta, the sta-
The rulers are already trying to tus of citizens has been reduced to that
bank votes in the name of these funds stan Tehreek-e-Insaf’s (PTI) Sena- cesses must move forward, reported of animals and insects fighting on the
Geo News.
tor, Faisal Javed Khan asked wheth-
that are only pledged, not delivered, er Islamabad has changed its policy “Pakistan wouldn’t want blood- streets for a morsel of bread braving
fooling people. They are building vis-a-vis New Delhi. “At this stage, shed anywhere,” she said, adding the cold, the report read. Reportedly
castles in the air, giving them hope no dialogue is taking place between that incidents of hostility on the Line 90 per cent of Karachi is without power.
for the money which will be remitted Pakistan and India,” she categori- of Control have reduced. It wouldn’t come as a surprise if
over three years, not immediately, the cally stated while speaking during a The minister further stated that national-level riots hit the streets to-
report stated. question hour session in the Senate. no talks have taken place with India morrow calling out fake promises of
For donors such as the Islamic the unpopular government, reported
Developmental Bank, which pledged Khar said that back-channel on trade either, reported Geo News. Islam Khabar.

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