Connect with us

Featured

Pakistan Seeks $12B Bailout Package; India Ready To Help, Conditions Apply

Published

on

Pakistans economy is in dire straits. Will Pakistan opt for stringent IMF bailout package or additional loans from China under which it is already trapped? At the time of major financial crisis where Pakistan needs USD 12 billion within a month, can India extend monetary support to its neighbour?

Pakistan’s economy is in a dire state now that the US military has decided to cancel $300 million in aid. Such is the terrible situation that the country urgently needs $12 billion in a month’s time to avoid a major financial disaster.

According to latest figures, Pakistan’s current account deficit stands at $18 billion, while its foreign currency reserves are just over $10 billion. The country had to borrow $439.17 million in the first month of the current fiscal year to keep its foreign reserves above the two months import bill.

As per some experts, much of this debt crisis is the outcome of reckless Chinese lending under the Belt and Road Initiative, which has added to the weight of the long-standing problems. For India, a financial crisis in the neighbourhood, that too in a country with whom it shares a fragile relationship, is a matter of grave importance.

A destabilised Pakistan will be a bigger threat to New Delhi. The Indian government should lend a helping hand to its neighbour in these tough times. Prime Minister of Pakistan, Imran Khan, had already expressed a strong desire to restore fences with India and boost bilateral trade, which had suffered because of Pakistan-sponsored terrorism.

Even then in the last financial year, bilateral trade worth more than $2.4 billion was carried out between the countries in select sectors. However, this figure hardly does justice to the enormous trade potential. According to the Indian Council of Research on International Economic Relations (Icrier), bilateral trade can be jacked up to about $12 billion.

In sectors like textile and clothing, sports goods and surgical equipment, there are tremendous trade opportunities that benefit both countries. Despite continuous needling from terrorists and shelling along the LoC, India continues to give Pakistan the Most Favoured Nation status.

However, despite attempts by civilian governments to bury the hatchet, the deep state in Pakistan and the hawks in India’s foreign policy establishment do not want peace to prevail. Imagine the disappointment in India when the euphoria over the Lahore bus ride was replaced with the Kargil war.

India’s surgical strikes underscored how, despite, international censure, Pakistan continues with terror peddling. This is a good time to make a fresh start. PM Khan must know that terror and friendship cannot go hand in hand. New Delhi is willing to help, but the ISI and the military must step back.

More News at EurAsian Times

Advertisement
Advertisement

Facebook

FEATURED

INDIA-CHINA INDIA-CHINA
Europe49 mins ago

Like India, Greece To Equip Its Rafale Fighter Jets With HAMMER Missiles?

HAMMER (Highly Agile and Manoeuvrable Munition Extended Range) missiles are air to ground precision-guided missiles developed by Safran Electronics &...

F-15EX-india F-15EX-india
Americas10 hours ago

Forget F-16s & F-35s, This Is The World’s Deadliest Fighter Jet With 100 Kills, Without A Single Loss

Over the years, the United States has developed a strategic military partnership with Israel by equipping them with the world’s...

putin-russia putin-russia
EurAsian Region12 hours ago

Russian Sukhoi Su-34 Jet Displays ‘Path-Breaking’ Capabilities; Makes Its First Flight Into The Stratosphere

Russian fighter-bomber aircraft Su-34 carried out a night-time combat exercise reaching to the heights of 15 kilometers at lower stratospheric...

Putin-Macron Putin-Macron
Europe15 hours ago

French President Emmanuel Macron Blames Azerbaijan For Starting Conflict With Armenia

French President Emmanuel Macron on Wednesday voiced solidarity with Armenia amid its conflict with Azerbaijan over disputed Upper Karabakh region....

Israel-Turkey Israel-Turkey
Europe18 hours ago

Greece Turning Into Another Israel: The Way US Backed Israel, EU Is Supporting Greece – Turkish Experts

With growing military confrontations in the Eastern Mediterranean between Greece and Turkey, several European Union (EU) nations have got itself...

Indian-Flag Indian-Flag
Featured18 hours ago

200,000 Muslim Children Disappeared From Uttarakhand Overnight: Another Smear Campaign Or Truth?

A news is getting viral on WhatsApp and Social media in India which EurAsian Times has access to. The news...

INDIA-CHINA-WAR INDIA-CHINA-WAR
Asia Pacific19 hours ago

How India, China Conflict In Ladakh Is Becoming A ‘Test Platform’ For Drone Technology?

In a bid to compete with one another, India and China have been deploying their heavy weaponry and latest armaments...

India-Pakistan ties India-Pakistan ties
Featured19 hours ago

Pakistan Slams India For “Illegally” Freezing Amnesty’s Bank Accounts

Pakistan’s foreign minister – Shah Mahmood Qureshi on Wednesday lamented India “illegally” freezing Amnesty International’s bank accounts and called on...

PAK-DA-RUSSIA PAK-DA-RUSSIA
Featured22 hours ago

Russia, China or The US: Which Country’s Air Force Operates The World’s Fastest Fighter Jets?

Ahead of the dawn of sixth-generation fighter jets including Britain’s “Tempest”, US’ secret fighter under NGAD program, and proposed Russian...

Trillion-Dollar-Infra Trillion-Dollar-Infra
Americas1 day ago

“Shut-Up Man!”: Donald Trump Has A Face-Off With Joe Biden At US Presidential Debate

US President Donald Trump and Democratic nominee Joe Biden clashed Tuesday evening during a political showdown that repeatedly broke down...

Advertisement