US Congressman objects to Pakistan’s request of $ 8 billion IMF loan, calls it a convenient way to repay Chinese loan

US Democratic Congressman Brad Sherman has shown concern over USD 8 billion dollar loan that Pakistan has demanded from the International Monetary Fund (IMF). Sherman calls Pakistan’s demand as a convenient way to repay the Chinese loan they have taken.

Pakistan is seeking a $8 billion loan from the IMF to save its economy which faces a crippling financial crisis. While speaking during a Congressional hearing with David Malpass, Under Secretary of Treasury for International Affairs, Sherman said, “I’ve shared with him the concern that any IMF loan to Pakistan cannot be just a convenient way to repay China. China has engaged in a debt trap. We’ve seen it in Sri Lanka. We’re seeing it in Africa. If the Chinese do that, then China has to learn that sometimes they just don’t get repaid”.

Referring to the issue relating to Dr Shakil Afridi who is serving a 33-year sentence for helping the CIA in tracing the Al-Qaeda Chief Osama Bin Laden who was gunned down in in Pakistan’s Abottabad, Sherman said, “The idea that Pakistan would turn to its own people and vilify a man who helped us destroy Osama bin Laden, does not speak well of the future of US-Pakistani relations. Our aid has been cut to Pakistan. I do not think it will be restored to major levels until the Dr (Shakil) Afridi issue is dealt with”.

- Advertisement - - Article resumes -

While addressing the conference organised under the banner of South Asians Against Terrorism and for Human Rights (SAATH) and co-hosted by US-based columnist Mohammad Tagi and Haqqani, Sherman attacked Pakistan, which got $ 43 billion financial aid post-independence, for blocking US websites like Voice of America inside the country.

Sherman, who is on the financial security committee, told that he had a meeting with the Trump administration last week where he raised the issue of IMF loan to Pakistan. He said that the US almost has a veto in the IMF and even the US aid to Pakistan which has been cut by the Trump administration is unlikely to be restored soon.

He also said that the US should instruct American Banks and the American bond rating agencies that “if there is a default on a debt and the debt is part of a Chinese debt trap, it just doesn’t count. And then turn to the Chinese and say that it is not going to be able to use western financial institutions to penalise countries who fall into their debt traps”.

“So if China wants to make these loans, fine. If they don’t get repaid, that’s their business and countries will be then free to engage in other financial transactions with countries hopefully that do not engage in such traps,” he added.

Sherman is working on a legislation which he calls “Chinese Debt Trap Relief Act” that would encourage countries not to repay bad loans.


Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

AAP propagandist tweets false claim about Adani Group, deletes due to fear of defamation

Earlier Delhi's Education Minister Manish Sisodia had also tweeted false claim about Adani Group

Rahul Gandhi’s lucrative and seemingly clandestine means of income and his links to scam accused FTIL, Unitech

How does Rahul Gandhi earn to buy land and other properties? A mystery we try to unravel

BJP’s aggressive candidate list for 2019 election like a blizzard on Congress led by Rahul Gandhi

The boldness of BJP is apparent in that it has 21 present Union and ministers of state in the list, alongside the candidature of its party president, Amit Shah from Gandhinagar in Gujarat.

Watch: Embarrassment for Hardik Patel, crowd chants ‘Modi, Modi’ as he addresses a Holi event

Red-faced, Hardik Patel had to stop speaking and left the place soon after

‘Krantikari’ journalist Punya Prasun Bajpai sacked, again, this time from Surya Samachar

Punya Prasun Bajpai and his team of 25 had joined Surya Samachar last month
Prakash Raj was welcomed with pro-Modi slogans in Bengaluru

Actor-turned-politician Prakash Raj greeted with pro-Modi slogans as he went to file his nomination

Prakash Raj seemed visibly miffed with a large number of Modi supporters welcoming him with pro-Modi slogans in Bengaluru

How Caravan and Congress’ attempts to create ‘bribegate’ before 2019 election fell flat

The 'bribegate' that Congress and The Caravan tried to cried falls flat on its face on several counts. 

The Wire journalist wishes Holi with ‘Bismillah’, devout Muslims say it’s against Islam

Celebrating Hindu religious festivals is not the only that triggers abuses and threats from Muslim radicals

Jammu and Kashmir Police officer Imtiyaz Hussain claims his life being under threat after he exposed Pro-Pak Islamists and ‘journalists’

Jammu and Kashmir policeman reveals how certain 'journalists' work hand in glove with the enemies across the border in Pakistan

Netizens share hilarious ‘diary entries’ to mock Congress’ latest shoddy allegations against BJP

Congress shared photocopy of a handwritten note where they claimed Yeddyurappa signed diary entry incriminating himself

Latest articles

Connect with us

148,304FansLike
120,071FollowersFollow
30,968SubscribersSubscribe

Don't miss these


Share This Post and Support: