Beijing: China has criticized the monopoly of lending countries and institutions, saying that the financial policies of a developed country are responsible for the worsening economic situation of other developing countries, including Pakistan.
His views were expressed by the spokesperson of the Ministry of Foreign Affairs of China, Mouning, in response to a question asked by the global news agency Bloomberg. He was asked about Pakistan’s debt waiver.
It should be noted that according to Moody’s and Fitch, Pakistan owes $7 billion in debt as of June, including the debt owed to China.
China’s Foreign Ministry Spokesperson Mouning replied that China has been providing economic and financial support to Pakistan and will continue to support Pakistan’s efforts to maintain economic stability, improve lives and achieve development.
A spokesman for China’s Foreign Ministry said that the majority of developing countries’ debt is owed to Western-controlled commercial lenders and multilateral financial institutions that follow the cues of these major countries.
Foreign Ministry Spokesperson Mouning demanded that considering the economic situation of Pakistan, lending financial institutions and countries should come forward to help.