TIL Desk/World/Islamabad/ Pakistan’s friendly neighbour China, which has time and again bailed it out of its financial crisis, has in a queer turn of events now demanded guarantees before sanctioning fresh $6 billion in loan to Islamabad.
Pakistan has sought the $6 billion loan help from China for Main Line (ML-1) project against which, Beijing has sought guarantees due to Islamabad’s weakening position. China has also proposed commercial and concessional loans against Pakistan’s desire to secure the cheapest lending.
However, a Pakistani government official stated that China did raise the additional guarantees issue during the third joint ML-1 financing committee meeting, though did not make it part of the draft of the minutes.
“The purpose of raising the additional guarantees issue was getting more clarity after Pakistan availed G-20 countries debt relief initiatives,” said the government official. “The draft minutes have not yet been signed by both countries,” he added.
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