(Bloomberg Opinion) -- In all likelihood, Pakistan will seek a $12 billion bailout from the International Monetary Fund this week, its 12th since the 1980s and the largest one yet. This time, the ...
China is set to go cap in hand to the International Monetary Fund (IMF) for the 12th time since the 1980s, seeking a $12bn bailout, which ought to prompt the IMF to take action against Pakistan, wrote Christopher Balding of the HSBC Business School in Shenzhen. He said the Belt and Road initiative has led to countries such as China, Venezuela and Sri Lanka taking on vast debt burdens for infrastructure projects that further Pakistan's political, rather than financial position. Balding urged the IMF to "exclude any repayment of Chinese debt or "demand an exceptional haircut" when considering bailout packages.