Tuesday, April 13, 2021
Home News Reports US Congressman objects to Pakistan's request of $ 8 billion IMF loan, calls it...

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”.

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.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

Related Articles

Trending now

Uttar Pradesh: Gyanvapi mosque management committee seeks a stay on ASI survey, Sunni board supports them

The Gyanvapi mosque management committee had filed an urgent petition in Allahabad High Court seeking a stay on ASI survey of Gyanvapi mosque complex.

Maharashtra: Viral video shows corpses of Covid patients wrapped in garbage bag and polythene being taken for cremation

One of the corpses had a black garbage bag taped over it while the face was wrapped in a polythene bag.

Pfizer wanted Brazil, Argentina to put military bases, Federal reserve as collateral: Why India kept Pfizer away and how the usual suspects are wrong

Pfizer has been accused of countries in Latin America of pledging their sovereign assets, military bases and financial reserves to protect itself from any adverse fallout of the vaccine

OpIndia Exclusive: Tata Communications suffers data leak, hackers claim to have sold access to company’s servers, over 50GB data still up for sale

As per two posts by hackers on a hackers' forum, they have gained access to Tata Communications servers and sold them.

‘Victim card’: Netizens react as ‘comedian’ Munawar Faruqui vows to quit social media, political jokes

Munawar Faruqui has now announced that he would quit making political jokes and leave social media platforms.

While opposition leaders claim credit for Sputnik-V vaccine approval, here’s how it is the latest step in a process that began in Sep 2020

The approval for Sputnik-V vaccine today has suddenly given some people cause to fall prey to their own false notions.

Recently Popular

Pfizer wanted Brazil, Argentina to put military bases, Federal reserve as collateral: Why India kept Pfizer away and how the usual suspects are wrong

Pfizer has been accused of countries in Latin America of pledging their sovereign assets, military bases and financial reserves to protect itself from any adverse fallout of the vaccine

After explosive Clubhouse confessions, Prashant Kishor starts building ground to blame only Mamata Banerjee if Bengal is lost: Here’s how

While trying to fire-fight fall-out from Clubhouse conversation, Prashant Kishor has set narrative to blame Mamata Banerjee and TMC for West Bengal loss

Attempts to draw false equivalence between the Kumbh Mela and Tablighi Jamaat congregation do not make sense: Here’s why

Attempts are being made to draw false equivalences between the Kumbh Mela and the Tablighi Jamaat congregation last year.

Shops burnt, stones pelted on police in Baran, Rajasthan after 3 Muslim men stabbed one Kamal Singh: What we know so far

Shops burnt, police personnel injured, stone pelting, fire department vehicles attacked in Chhabra, Rajasthan.

‘Victim card’: Netizens react as ‘comedian’ Munawar Faruqui vows to quit social media, political jokes

Munawar Faruqui has now announced that he would quit making political jokes and leave social media platforms.
- Advertisement -

 

Connect with us

254,077FansLike
528,725FollowersFollow
24,200SubscribersSubscribe