Pakistan's Ballooning Debt Crisis: Seeking More Chinese Aid as Reserves Dwindle
• Pakistan's external debt has ballooned to $128 billion and the country is seeking more financial aid from China • Pakistan must pay billions in debt repayments over the next 3 years but only has enough foreign reserves for a few weeks of imports • With total domestic and external debt now at $280 billion, Pakistan is accumulating Rs 14 billion in loans daily just to meet expenses • Pakistan has secured the top spot among the top 10 countries with the highest external debt • While China has rolled over some loans to provide short-term relief, Pakistan is becoming increasingly dependent on Beijing as Chinese debt rolls over into longer maturities