A dozen poor countries are facing economic instability and even collapse under the weight of hundreds of billions of dollars in foreign loans, much of them from the world’s biggest and most unforgiving government lender, China.
1/3rd of Pakistan's debt (mentioned in the article) belongs to entities dominated by the west (IMF, World Bank), 30% of it's debt is owned by private entities that have absolutely no interest in forgiving it and 19% is owned by China, collectively the west and private entities hold MORE debt than China does. The key aspect here is the nature of said debts, while China holds the largest bilateral debt with Pakistan, said debt is rooted on tangible infrastructure projects, in this regard, it's a debt that "pays off by itself" in a sense. Also, China has in its best interests keeping Pakistan stable, because they have invested millions in the China-Pakistan Economic Corridor to rely less on the Malacca Strait, so they're logically more than willing to either forgive huge chunks of this debt or even renegotiate. If anything, in the case of Pakistan, China is the least of their problems, I can't say the same of western debt owners... and I know that from experience.
So they either never did their research or they're doing this on purpose, I think we all know the answer. IMF loans go nowhere, they're imperialistic in nature, they're there to reestructure YOUR country, change laws, deregularization and so on. Even in the most basic way of thinking about it, China builds roads, bridges and schools, so scary huh? This article is pure projection, it irradiates orientalism and western moral supremacy.
1/3rd of Pakistan's debt (mentioned in the article) belongs to entities dominated by the west (IMF, World Bank), 30% of it's debt is owned by private entities that have absolutely no interest in forgiving it and 19% is owned by China, collectively the west and private entities hold MORE debt than China does. The key aspect here is the nature of said debts, while China holds the largest bilateral debt with Pakistan, said debt is rooted on tangible infrastructure projects, in this regard, it's a debt that "pays off by itself" in a sense. Also, China has in its best interests keeping Pakistan stable, because they have invested millions in the China-Pakistan Economic Corridor to rely less on the Malacca Strait, so they're logically more than willing to either forgive huge chunks of this debt or even renegotiate. If anything, in the case of Pakistan, China is the least of their problems, I can't say the same of western debt owners... and I know that from experience.
So they either never did their research or they're doing this on purpose, I think we all know the answer. IMF loans go nowhere, they're imperialistic in nature, they're there to reestructure YOUR country, change laws, deregularization and so on. Even in the most basic way of thinking about it, China builds roads, bridges and schools, so scary huh? This article is pure projection, it irradiates orientalism and western moral supremacy.
God, please, burn the west, it's a wise choice.