He is also the author of Development, Poverty, and Power in Pakistan, available from RoutledgePakistan’s external debt stock of over $125 billion dollars has brought it to the brink of default. It became the recipient of IMF and World Bank loans back in the 1950s. The World Bank and IMF have provided Pakistan billions of dollars in loans till date. In less than a decade, China has become a major external lender for Pakistan, and around 30% of Pakistan’s external debt is now owned by Chinese banks. However, it is unfair to describe Chinese aid as debt diplomacy, when the US grants and US-backed IMF and World Bank loans have also been used to exert influence over Pakistan, and over many other resource-constrained countries around the world.
