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One Belt and Road Initiative growing stronger

Pakistan’s top court directs central bank to issue funds for snap polls

The parliament had on Thursday (13) ruled it wasn’t possible to spare Rs 21 billion ($74.79 million) in funds for the snap polls, which the court had ordered.

Chief Justice Umar Ata Bandial had summoned officials from the finance ministry, the central bank and the Election Commision of Pakistan (ECP) to his chamber on Friday to seek a reply on the funds, warning that non-compliance would have consequences.

The parliament had on Thursday (13) ruled it wasn’t possible to spare Rs 21 billion ($74.79 million) in funds for the snap polls, which the court had ordered.

The court order said the chief justice directed the central bank’s acting governor and the finance ministry to coordinate and “forthwith allocate and release” the money from federal consolidated funds no later than April 17.



China spent £194.97 billion rescuing ‘Belt and Road Initiative’ nations, says study

Argentina was the largest beneficiary, receiving £90.80bn, equivalent to $111.8bn, followed by Pakistan with £39.39 ($48.5bn) and Egypt with £12.67 ($15.6bn)


Countries have received bailouts to extend loans and remain solvent. China claims over 150 countries have joined the trillion-dollar BRI infrastructure initiative launched by President Xi Jinping ten years ago.

According to Beijing, the objective of the initiative is to strengthen friendly trade ties with other countries, especially those in the developing world.

Japan, India, France to announce launch of Sri Lanka’s debt restructuring negotiation process


Sri Lanka confident of Chinese support in debt restructuring: central bank chief

The central bank chief of the crisis-hit South Asian country said Sri Lanka is optimistic of China’s continued support, pointing to how Beijing “did the right thing in giving Sri Lanka financing assurances last time”.

“I think this is probably the first time China has given it that fast,” he said.

With the help of the International Monetary Fund and other partners who also helped share information, said Weerasinghe, the debt restructuring process can continue.

“Obviously China is a country that has been helping Sri Lanka for a long time and [it has[ invested a lot [in Sri Lanka]. [It will be in the] best interest of both China and Sri Lanka to complete this process soon and we can get back to repaying our debt service obligations,” he said.

“Sooner the better for both countries,” he added.

In February, China’s Exim Bank gave Sri Lanka a two-year moratorium on its defaulted loans and said it would discuss additional re-structuring within that ‘window’.

In early March, Sri Lanka secured a 2.9 billion dollar extended fund facility from the IMF after obtaining assurances of support from China.
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