China says multinational lenders are to blame for debts of belt and road partners like Pakistan
- Qian Keming, vice-minister of commerce, issues latest defence of controversial scheme, saying it’s not a ‘one-way street’
- He says 42 per cent of Pakistan’s debt is from multilateral institutions, and ‘only around 10 per cent’ comes from China
China has blamed multinational lenders for the heavy debts held by Pakistan and its other belt and road partners in its latest defence of the project.
“Historically, the international debt problem is an old problem. While some countries’ debts have risen, this is the result of long-term accumulation,” Qian said at a press conference in Beijing on Saturday.
Giving the example of Pakistan, he said 42 per cent of the country’s debt was from multilateral institutions, while “only around 10 per cent” could be attributed to China.
The multibillion-dollar China-Pakistan Economic Corridor is a flagship project under Beijing’s “Belt and Road Initiative”.
Critics have raised concerns about the lack of transparency and size of the debt held by Pakistan as the nation grapples with an ongoing financial crisis.
