Solidarity Actions Needed for the People of Pakistan!
The whole nation of Pakistan continues to reel from devastating impacts of the unprecedented disaster that hit the country over a month ago.
The responses thus far from the international community are far from adequate and, in the case of the IMF, World Bank and ADB, even deplorable. These institutions have chosen to offer more loans rather than cancel the debts they claim from Pakistan. Together, loans from these institutions and other multilateral financial institutions constitute more than 50% of Pakistan's total outstanding external debts. As of 2009 outstanding credits from the IMF are US$5.1B, outstanding loans from the World Bank amount to US$11.5B and from the ADB it is US$9B. Bilateral loans comprise more than 30%. The major bilateral lenders are Japan (US$6.67B), France (US$B2.17B), Germany (US$1.82B), USA (US$1.51), and China (US$1.88B). Total external debt of Pakistan as of 2009 is US$50.7B. (for more information see Annexes)