Following in the footsteps of Pakistan, many high-risk countries who are part of the ambitious Belt and Road Initiative have approached China for debt relief, the Financial Times reported.
Last month, Pakistan requested China for ease in payment obligations of over $30 billion of about 12,000-megawatt power projects under the China-Pakistan Economic Corridor to minimise its financial and economic difficulties, the newspaper reported. This was part of government efforts to secure discounts and savings on power purchases from independent power producers (IPPs) as circular debt liabilities cross Rs2 trillion.
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