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Pakistan

Pakistan’s debt from China becomes burden as CPEC does not generate enough growth

16 May 2023 - by Abdul Khaliq

Since 2013, Pakistan’s historical relationship with China has taken on a geopolitical role through the launch of the China-led infrastructure connectivity project, the China-Pakistan Economic Corridor (CPEC), a key part of the Belt and Road (...)
Pakistan Collapsing

9 April 2023 - by Farooq Tariq

Pakistan is facing one of the worst economic and political crises at present. The political crisis is best manifested by the fact that almost half the members of the National Assembly (the lower house of the parliament) have resigned, while two (...)
Deal-or-default: Is it the endgame for Pakistan?

5 February 2023 - by Abdul Khaliq

The IMF mission is currently in Pakistan on a 10-day visit to discuss the stalled ninth review of the country’s current funding programme. The loan talks were restarted after the government finally yielded to IMF demands.Pakistan secured a $6 (...)
Ghana’s default, letter on Sri Lanka calling for debt cancellation and Pakistan doubly victimized

11 January 2023 - by Iolanda Fresnillo

Ghana suspended payments on most of their external debts on december 19th, a week after reaching an agreement with theIMF for a US$3bn loan. Ghana has, according to Reuters, reached out to the Paris Club for an “expedited” Common Framework debt (...)
After the floods, Pakistan needs reparations, not charity

13 September 2022 - by Farooq Tariq

At the time of writing, more than one-third of Pakistan is under water. Flash floods, generated by abnormal monsoon rains have so far claimed the lives of 1350 people, Pakistan bears some of the worst consequences of the climate crisis globally. (...)
The Floods Devastating Pakistan Are More Than a Natural Disaster

10 September 2022 - by Ammar Ali Jan

Monsoon rains and melting glaciers have driven tens of millions of Pakistanis from their homes. The disaster shows that the poor Global South populations who do least to cause climate change are the people who pay most for its consequences. A (...)
Double penalty for Pakistan drowning in floods and debts

5 September 2022 - by Abdul Khaliq

Pakistan’s devastating floods have so far, killed over 1200 people, mostly children, since 14 June 22, displaced around 33 million and eroded livelihoods with the loss of an estimated one million livestock. In addition, floods washed away at (...)
Pakistan : Regime Change, Political Turmoil and Deepening Debt Crisis

3 May 2022 - by Abdul Khaliq

Pakistan has plunged into a major political crisis after the removal of Prime Minister Imran Khan on 10 April 22, through a successful no-confidence motion against the PTI govt. The month-long political crisis began on 8 March when the country’s (...)
Submission to the Independent Expert on Foreign Debt and Human Rights

7 March 2022 - by Collective, CADTM Pakistan

This submission to the Independent Expert on Foreign Debt and Human Rights comes at a crucial juncture in Pakistan’s socio-political and economic history. In 2018 after the general elections no single party could gain an overall parliamentary (...)
Pakistan : Toxic austerity attack comes hot on the heels of a pandemic

31 January 2022 - by Abdul Khaliq

As the IMF executive board met on January 28 to decide on Pakistan`s request for the revival of $6bn Extended Fund Facility (EFF), the government remained optimistic having fulfilled all the five conditions imposed by the global lender to revive (...)
Pakistan in a perfect debt spiral with the worst impacts of the pandemic

24 November 2021 - by Abdul Khaliq

Pakistan is one of the 52 countries facing severe debt crisis. The most critical problem faced by the country’s economy is repayment and servicing of external debt. Persistent borrowing creates a spiral with more borrowing generating an impending (...)
[VIDEO] FESTIVAL SESSIONS: Growing private debt, vulnerability and inequality in South Asia

7 September 2021 - by Farooq Tariq , Sushovan Dhar, Amali Wedagedara, Nalini Ratnarajah

Presented by: South Asia Alliance for Poverty Eradication (SAAPE), Progressive Plantation Workers Union (PPWU) India, Manitham Trust India, Bangladesh Nari Progati Sangh (BNPS), South Asia Tax and Fiscal Justice Alliance (SATaFJA). Session is (...)
The US occupation took only human lives: Taliban victory is not a sign of peace

15 August 2021 - by Farooq Tariq

It is now evident that the US imperialism has lost all its human and financial investment in Afghanistan. The Taliban have almost occupied Afghanistan without a fight. What has been spent in Afghanistan in the name of development, ‘democracy’ (...)
Unmasking the China-Pakistan Economic Corridor

16 May 2021 - by GRAIN

In 2018, China’s biggest agrochemical corporation, Sinochem Group Co, announced that it had conducted field trials of hybrid wheat varieties in 230 locations in Pakistan. Since intellectual property rights prevent farmers from saving hybrid (...)
Left in the lurch

Debt and Covid-19 in Ecuador, Kenya, Pakistan, the Philippines and Zambia

3 May 2021 - by Eurodad

This series of articles has been produced by Eurodad in collaboration with our global partners on the implementation of the Debt Service Suspension Initiative (DSSI), complementing and updating the report “Shadow report on the limitations of the (...)
The IMF Is Using the Debt Crisis to Hollow Out Pakistan’s Sovereignty

20 April 2021 - by Ammar Ali Jan

Imran Khan’s government came to power in 2018 promising to reorient Pakistan’s economy toward the needs of the population. But faced with a debt crisis it soon dropped its reformist agenda — and now, the International Monetary Fund is pressuring it (...)
Urgent debt relief needed as Pakistan faces perfect debt trap

12 November 2020 - by Abdul Khaliq

The indicators of a severe debt crisis were already present in Pakistan long before the Covid-19 crisis hit. Coordinated efforts by CSOs all round the world are needed to ensure that countries like Pakistan are not left alone dealing with its (...)
Cancel the debt

23 April 2020 - by Mustafa Talpur

Last week, the G20 group of rich countries decided to postpone the debt payment that is due to be paid to G20 governments up to the end of 2020 for developing countries. This will help Pakistan free up some resources to tackle the pandemic. (...)
Illegal projects: How World Bank Arbitrators Mugged Pakistan

9 December 2019 - by Jeffrey D. Sachs

Thanks to the World Bank’s flawed and corrupt investment arbitration process, the rich are making a fortune at the expense of poor countries. The latest shakedown is a $5.9 billion award against Pakistan’s government in favor of two global mining (...)
Pakistan and World Bank Settlement of Investment Disputes – Do not pay the unfair fine; oppose the unjust decision of ICSID

22 July 2019 - by Farooq Tariq

This is a story of the dodgy deal by a multi national company and then earning massive amount of money through the so-called process of Settlement of Investment Disputes, a World Bank institution acting against developing countries. This is a (...)
Boom and then bust?

30 April 2019 - by Michael Roberts

Last March, [I posted that the global economy seemed to be in a fantasy world->https://thenextrecession.wordpress.com/2019/03/22/the-fantasy-world-of-the-long-depression where stock markets hit new highs but output of goods and services, (...)
Is Pakistan on the way to living without the IMF?

1 December 2018 - by Abdul Khaliq

Pakistan is perhaps the only country in South Asia with a history of repeated engagements with the IMF – 21 loan agreements since 1959. The last one was concluded in September 2016. Despite that, Pakistan’s economic woes have not been resolved. (...)
Is Pakistan falling into China’s debt trap?

16 April 2018 - by Abdul Khaliq

• Pakistan will have to payback $100 billion to China by 2024 of total investment of $18.5 billion, which China has invested on account of bank loans in 19 early harvest projects, under CPEC. • China has become the biggest lender to Pakistan after (...)
Bushra Khaliq, CADTM Pakistan : “There are immense impacts of the climate changes on poor communities in Pakistan”

6 February 2018 - by Bushra Khaliq , Robin Delobel

We asked a few questions to Bushra Khaliq during IIRE’s last Ecosocialist school session in Amsterdam. Bushra Khaliq has been a feminist activist and a member of CADTM Pakistan for years. She gave us insightful answers about this country which (...)
An introduction to the China-Pakistan Economic Corridor

24 November 2017 - by Robin Lee

While initial plans for the China-Pakistan Economic Corridor (CPEC) predate those of OBOR it has been given renewed impetus under it and has come to be described as a flagship OBOR project. Along with the Bangladesh-China-India-Myanmar Economic (...)