Amid the economic crisis in the country, Pakistan is looking to secure a loan of approximately $3 billion from China. Apart from China, Pakistan is also seeking loans from Russia and Kazakhstan.&nbsp;

This development comes ahead of the country's Prime Minister Imran Khan's scheduled visit to Beijing this week.

PM Khan will visit the Chinese capital to attend the opening ceremony of the Beijing Winter Olympics 2022&nbsp;on February 3. During his visit, he will also meet the top Chinese officials on the sidelines for bilateral talks.&nbsp;

It has been understood that Pakistan's government decided&nbsp;to seek a loan worth $5 billion. Loans to be sought from China, Russia and Kazakhstan. A loan of $3 billion is to be sought from China and $1 billion each from Kazakhstan and Russia.&nbsp;

The loan from China will be used to stabilise foreign exchange reserves and loans from Russia and Kazakhstan will be spent on the Main Line One (ML1) Railway Project.&nbsp;

Pakistan's Ministry of Economic Affairs has prepared a plan for borrowing as the loan agreement of $3 billion with China will be signed during PM Khan's visit to China.&nbsp;The initial agreement with China for the loan will be for one year.

The deals with Kazakhstan and Russia are also expected to be finalised and subsequently signed soon.&nbsp;

Meanwhile, PM Khan is set to depart for China for a three-day visit on Thursday and some federal ministers will also accompany him.&nbsp;

The Pakistani PM will hold important meetings during his visit to China and will meet the Chinese President Xi Jinping. &nbsp;

PM Khan is also expected to hold bilateral meetings with other dignitaries at the Winter Olympics.&nbsp;

It is expected that during the Prime Minister's visit to China, CPEC and mutual security issues will be discussed and the regional situation will also be on the agenda.&nbsp;

The matter of China providing loans to Pakistan worth $3 billion will also be finalised and is expected to be signed during PM Khan's China visit.&nbsp;

The Pakistani Economic Affairs Ministry in a rebuttal to the media reports seeking a loan said that no such proposal is under process in the Economic Affairs Division for obtaining a $3 billion loan from China and $2 billion loan from Russia and&nbsp;Kazakhstan.&nbsp;

WATCH |&nbsp;Pakistan PM Imran Khan to visit China from Feb 3-5 amid growing economic crisis

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Amid the economic crisis in the country, Pakistan is looking to secure a loan of approximately $3 billion from China. Apart from China, Pakistan is also seeking loans from Russia and Kazakhstan.

Amid the economic crisis in the country, Pakistan is looking to secure a loan of approximately $3 billion from China. Apart from China, Pakistan is also seeking loans from Russia and Kazakhstan. This development comes ahead of the country's Prime Minister Imran Khan's scheduled visit to Beijing this week. PM Khan will visit the Chinese capital to attend the opening ceremony of the Beijing Winter Olympics 2022 on February 3. During his visit, he will also meet the top Chinese officials on the sidelines for bilateral talks. It has been understood that Pakistan's government decided to seek a loan worth $5 billion. Loans to be sought from China, Russia and Kazakhstan. A loan of $3 billion is to be sought from China and $1 billion each from Kazakhstan and Russia. The loan from China will be used to stabilise foreign exchange reserves and loans from Russia and Kazakhstan will be spent on the Main Line One (ML1) Railway Project. Pakistan's Ministry of Economic Affairs has prepared a plan for borrowing as the loan agreement of $3 billion with China will be signed during PM Khan's visit to China. The initial agreement with China for the loan will be for one year. The deals with Kazakhstan and Russia are also expected to be finalised and subsequently signed soon. Meanwhile, PM Khan is set to depart for China for a three-day visit on Thursday and some federal ministers will also accompany him. The Pakistani PM will hold important meetings during his visit to China and will meet the Chinese President Xi Jinping. PM Khan is also expected to hold bilateral meetings with other dignitaries at the Winter Olympics. It is expected that during the Prime Minister's visit to China, CPEC and mutual security issues will be discussed and the regional situation will also be on the agenda. The matter of China providing loans to Pakistan worth $3 billion will also be finalised and is expected to be signed during PM Khan's China visit. The Pakistani Economic Affairs Ministry in a rebuttal to the media reports seeking a loan said that no such proposal is under process in the Economic Affairs Division for obtaining a $3 billion loan from China and $2 billion loan from Russia and Kazakhstan. WATCH | Pakistan PM Imran Khan to visit China from Feb 3-5 amid growing economic crisis ×

Cash-strapped Pakistan seeks loans of $5 billion from China, Russia and Kazakhstan

The Arab world is making Pakistan pay its debts.

Malaysia is making Pakistani airlines clear their dues.

The IMF is unlikely to hand out more money to Pakistan and even China has begun seeking loan guarantees.

Also read | <a href="https://www.wionews.com/south-asia/pak-pm-calls-for-equitable-distribution-of-covid-19-vaccine-and-debt-relief-for-poor-countries-359287">Pak PM calls for equitable distribution of COVID-19 vaccine and debt relief for poor countries</a>

Pakistan has exhausted all its options.

Its economy is ailing and Islamabad is in urgent need of money.

And PM Imran Khan has come up with a bright idea and is "considering" mortgaging a park in Islamabad to get a loan of around PKR 500 billion or USD 3 billion.&nbsp;

He plans to secure three billion dollars by offering a park as security.

For the unversed, Fatima Jinnah Park is based in the heart of Islamabad and is named after the youngest sister of Muhammad Ali Jinnah.

This is the largest recreation park of its kind in Pakistan's capital and is spread across 759 acres of land.

According to Dawn news, the proposal to mortgage this park has been included in the agenda of Pakistan's federal cabinet conference which will be held on Thursday.

The Pak govt has confirmed this and recently issued a clarification justifying its plan under the Shariah law.

'Sukuk are sharia compliant borrowing instruments backed by physical assets..... And are structured so as to pay returns on investment as rent.... Instead of interest by utilising an underlying asset," was the clarification that was issued by the administration.&nbsp;

Simply described, the Pakistan government is trying to say that mortgage or 'sukuk' is compliant with the Sharia law.&nbsp;

<h2>Why was it needed?</h2>

Recently, Saudi Arabia asked Pakistan to repay a 3 billion dollar soft loan.

The Army Chief Qamar Javed Bajwa was dispatched to Riyadh, but the sheikhdom did not budge.

As Pakistan struggles to pay the tranches, reports have emerged that UAE too could seek the early repayment of a 3 billion dollar financial support package.

At the same time, China is seeking loan guarantees from Pakistan.

Beijing wants Islamabad to ensure that it will pay its Chinese debts first.

It wants the Pak govt to put a guarantee mechanism in place for any loans henceforth.

The IMF is asking Pakistan to mend its policies if it wants more loans.

Also, Malaysia recently seized a Pakistan International Airlines (PIA) plane due to non-payment of dues...

The Malaysian govt made the airline pay seven million dollars that were long overdue.

Malaysia is the country that Imran Khan called Pakistan's friend.

Pakistani lawmakers are outraged and believe that today it was an airplane, tomorrow it could be the prime minister himself.

The Arab world is making Pakistan pay its debts. Malaysia is making Pakistani airlines clear their dues. The IMF is unlikely to hand out more money to Pakistan and even China has begun seeking loan guarantees.

The Arab world is making Pakistan pay its debts. Malaysia is making Pakistani airlines clear their dues. The IMF is unlikely to hand out more money to Pakistan and even China has begun seeking loan guarantees. Also read | Pak PM calls for equitable distribution of COVID-19 vaccine and debt relief for poor countries Pakistan has exhausted all its options. Its economy is ailing and Islamabad is in urgent need of money. And PM Imran Khan has come up with a bright idea and is "considering" mortgaging a park in Islamabad to get a loan of around PKR 500 billion or USD 3 billion. He plans to secure three billion dollars by offering a park as security. For the unversed, Fatima Jinnah Park is based in the heart of Islamabad and is named after the youngest sister of Muhammad Ali Jinnah. This is the largest recreation park of its kind in Pakistan's capital and is spread across 759 acres of land. According to Dawn news, the proposal to mortgage this park has been included in the agenda of Pakistan's federal cabinet conference which will be held on Thursday. The Pak govt has confirmed this and recently issued a clarification justifying its plan under the Shariah law. 'Sukuk are sharia compliant borrowing instruments backed by physical assets..... And are structured so as to pay returns on investment as rent.... Instead of interest by utilising an underlying asset," was the clarification that was issued by the administration. Simply described, the Pakistan government is trying to say that mortgage or 'sukuk' is compliant with the Sharia law. Why was it needed? Recently, Saudi Arabia asked Pakistan to repay a 3 billion dollar soft loan. The Army Chief Qamar Javed Bajwa was dispatched to Riyadh, but the sheikhdom did not budge. As Pakistan struggles to pay the tranches, reports have emerged that UAE too could seek the early repayment of a 3 billion dollar financial support package. At the same time, China is seeking loan guarantees from Pakistan. Beijing wants Islamabad to ensure that it will pay its Chinese debts first. It wants the Pak govt to put a guarantee mechanism in place for any loans henceforth. The IMF is asking Pakistan to mend its policies if it wants more loans. Also, Malaysia recently seized a Pakistan International Airlines (PIA) plane due to non-payment of dues... The Malaysian govt made the airline pay seven million dollars that were long overdue. Malaysia is the country that Imran Khan called Pakistan's friend. Pakistani lawmakers are outraged and believe that today it was an airplane, tomorrow it could be the prime minister himself.

Arab world is making Pakistan pay and plan is to mortgage the largest park

It's a double whammy for the Imran Khan government&nbsp;in Pakistan. The opposition is set to go on a nation-wide offensive on October 16.

However, demonstrations of a different colour have erupted in the national capital as hundreds of Pakistan&nbsp;citizens have hit the streets of Islamabad.

Islamabad has been taken by a storm of union-led protests from various sectors. Yesterday thousands converged outside the Pakistani parliament and staged a sit-in. This included government employees, farmers, teachers, doctors, health workers and pensioners.

<a href="https://www.wionews.com/south-asia/over-450-opposition-workers-booked-ahead-of-anti-government-rally-in-pakistan-335448">Also read|&nbsp;Over 450 Opposition workers booked ahead of anti-government rally in Pakistan</a>

They were protesting against price hike and what they call 'anti-employee policies' of the local government. Most of them called-off their sit-ins after "successful negotiations" with the government.

However, women health workers are refusing to cede ground. They are on what you call a dharna at Islamabad's famous D-chowk.

They are demanding a unified pay structure, job insurance and physical security. These are not big demands, especially for the Pakistan Prime Minister who has always made tall claims about supporting daily wage earners.

He is now using the socio-economic crises and IMF loans as a pretext to reject these demands. At the same time he is cracking down on opposition voices.

Asif Ali Zardari, the former President of Pakistan and the leader of Pakistan People's Party (PPP) has been issued an arrest warrant by the national accountability bureau of Pakistan — the country's anti-corruption watchdog.

<a href="https://www.wionews.com/south-asia/pak-opposition-rally-on-parties-alliance-to-hold-first-rally-on-october-18-334905">Also read|&nbsp;Pak opposition rally on parties alliance to hold first rally on October 18</a>

Mr. Zardari is being accused of corruption worth 8 billion Pakistani rupees. The ant-graft body is investigating his alleged suspicious financial transactions.

His son, Bilawal Bhutto Zardari says this is yet another attempt by Imran Khan to vilify the opposition's anti-corruption movement.

In a tweet,&nbsp;he said these tactics are not new and they will do nothing to deter his party.

The Zardaris are not the only ones being targeted by the Pakistan government. Maryam Nawaz of the Pakistan muslim league is also on the radar.

Reports say the Pakistan government may block all routes to Maryam Nawaz's residence to stop her from attending the first opposition demonstration scheduled for Friday.

Additionally, according to Dawn, more than 400 opposition workers have been detained for flouting COVID-19 guidelines. This is yet another exucse to sabotage the planned demonstrations. Those held include district presidents and lawmakers of both the Pakistan People's Party and the Pakistan Muslim League.

Nawaz Sharif, the former Prime Minister of Pakistan has requested the Pakistan police "to not comply with Imran Niazi's unlawful orders to arrest PMLN workers, raid their homes or hinder their travel to Gujranwala."

So Pakistani citizens are out on the streets, the opposition is gearing for nationwide demonstrations and the Prime Minister&nbsp;is responding with force. It is quite a fall from grace for Imran Khan — once a champion of free speech and civil rights movements, and now a Pakistan&nbsp;army puppet trying all he can to crush dissent.

"No matter how many problems pakistan is faced with and how difficult they might be, they all can be resolved. Everything is possible; all that is required is intent and desire. Nothing is impossible once the nation unites," said Imran Khan, Chairman of PTI.

It's a double whammy for the Imran Khan government in Pakistan. The opposition is set to go on a nation-wide offensive on October 16. However, demonstrations of a different colour have erupted in the national capital as hundreds of Pakistan citizens have hit the streets of Islamabad.

It's a double whammy for the Imran Khan government in Pakistan. The opposition is set to go on a nation-wide offensive on October 16. However, demonstrations of a different colour have erupted in the national capital as hundreds of Pakistan citizens have hit the streets of Islamabad. Islamabad has been taken by a storm of union-led protests from various sectors. Yesterday thousands converged outside the Pakistani parliament and staged a sit-in. This included government employees, farmers, teachers, doctors, health workers and pensioners. Also read| Over 450 Opposition workers booked ahead of anti-government rally in Pakistan They were protesting against price hike and what they call 'anti-employee policies' of the local government. Most of them called-off their sit-ins after "successful negotiations" with the government. However, women health workers are refusing to cede ground. They are on what you call a dharna at Islamabad's famous D-chowk. They are demanding a unified pay structure, job insurance and physical security. These are not big demands, especially for the Pakistan Prime Minister who has always made tall claims about supporting daily wage earners. He is now using the socio-economic crises and IMF loans as a pretext to reject these demands. At the same time he is cracking down on opposition voices. Asif Ali Zardari, the former President of Pakistan and the leader of Pakistan People's Party (PPP) has been issued an arrest warrant by the national accountability bureau of Pakistan — the country's anti-corruption watchdog. Also read| Pak opposition rally on parties alliance to hold first rally on October 18 Mr. Zardari is being accused of corruption worth 8 billion Pakistani rupees. The ant-graft body is investigating his alleged suspicious financial transactions. His son, Bilawal Bhutto Zardari says this is yet another attempt by Imran Khan to vilify the opposition's anti-corruption movement. In a tweet, he said these tactics are not new and they will do nothing to deter his party. The Zardaris are not the only ones being targeted by the Pakistan government. Maryam Nawaz of the Pakistan muslim league is also on the radar. Reports say the Pakistan government may block all routes to Maryam Nawaz's residence to stop her from attending the first opposition demonstration scheduled for Friday. Additionally, according to Dawn, more than 400 opposition workers have been detained for flouting COVID-19 guidelines. This is yet another exucse to sabotage the planned demonstrations. Those held include district presidents and lawmakers of both the Pakistan People's Party and the Pakistan Muslim League. Nawaz Sharif, the former Prime Minister of Pakistan has requested the Pakistan police "to not comply with Imran Niazi's unlawful orders to arrest PMLN workers, raid their homes or hinder their travel to Gujranwala." So Pakistani citizens are out on the streets, the opposition is gearing for nationwide demonstrations and the Prime Minister is responding with force. It is quite a fall from grace for Imran Khan — once a champion of free speech and civil rights movements, and now a Pakistan army puppet trying all he can to crush dissent. "No matter how many problems pakistan is faced with and how difficult they might be, they all can be resolved. Everything is possible; all that is required is intent and desire. Nothing is impossible once the nation unites," said Imran Khan, Chairman of PTI.

Nation-wide protests in Pakistan tell the story of fall of Imran Khan

Pakistan has recently paid back USD 1 billion to Saudi Arabia, reiterating the fact that Islamabad is gradually losing the support of other Muslim countries.

Citing highly placed sources, The Express Tribune reported that Pakistan has given back Saudi Arabia USD 1 billion out of a USD 3 billion loan that it secured one and a half year ago to avoid default on international debt obligations after the kingdom decided to reduce its financial support.

The development comes even as Pakistan has been pushing for the foreign ministers` meeting of the Organisation of Islamic Cooperation (OIC) since India abrogated Article 370, which gave special status to the erstwhile state of Jammu and Kashmir.

<a href="https://www.wionews.com/south-asia/pakistans-failed-judicial-system-fails-14-year-old-christian-girl-318946">Also read:&nbsp;Pakistan's failed judicial system fails 14-year-old Christian girl</a>

In a report published by Dawn, a Pakistan diplomatic source confirmed that Saudi Arabia had shown reluctance to accept Islamabad`s request for an immediate meeting of OIC foreign ministers` on Kashmir.

After Pakistan failed to gather support from the OIC members on Kashmir on May 22, Prime Minister Imran Khan said, "The reason is that we have no voice and there is a total division amongst (us). We cannot even come together as a whole on the OIC meeting on Kashmir."

Though Pakistan reportedly made attempts to push its narrative of raising the issue of rising Islamophobia in India in its agenda, Maldives, an ally of India, thwarted the move and said, "Isolated statements by motivated people and disinformation campaigns on social media should not be construed as representative of the feelings of 1.3 billion."

<a href="https://www.wionews.com/south-asia/pakistan-china-intelligence-sharing-deal-threatens-us-peace-efforts-in-afghanistan-318932">Also read:&nbsp;Pakistan-China intelligence-sharing deal threatens US peace efforts in Afghanistan</a>

Maldives Permanent Representative to the United Nations, Thilmeeza Hussain, said that alleging Islamophobia in the context of India would be factually incorrect.

"It would be detrimental to the religious harmony in the South Asian region. Islam has existed in India for centuries and it is the second-largest religion in India, with 14.2 per cent of the country`s population," she said.

While Pakistan is now on the verge of losing its Muslim friends, China is taking full advantage of the situation.

Coming to the so-called rescue of Khan, Beijing has become "time-tested friend" and has given a loan of USD 1 billion to "help Islamabad avoid any adverse impact of the partial withdrawal of the Saudi lifeline," The Express Tribune quoted sources in the Ministry of Finance and the State Bank of Pakistan (SBP) as saying.

Meanwhile, Pakistan`s top economic body has approved its costliest project to date as part of the multibillion-dollar China-Pakistan Economic Corridor (CPEC) agreement, giving the go-ahead for a USD 6.8 billion project to upgrade its railway lines, according to a report in Khaleej Times.

The sanctioning of USD 6.8 billion for the CPEC project is almost equal to Pakistan`s entire development budget for fiscal 2020-21, which is USD 7.9 billion.&nbsp;

Pakistan has recently paid back USD 1 billion to Saudi Arabia, reiterating the fact that Islamabad is gradually losing the support of other Muslim countries. Citing highly placed sources, The Express Tribune reported that Pakistan has given back Saudi Arabia USD 1 billion out of a USD 3 billion loan that it secured one and a half year ago to avoid default on international debt obligations after the kingdom decided to reduce its financial support.

Pakistan has recently paid back USD 1 billion to Saudi Arabia, reiterating the fact that Islamabad is gradually losing the support of other Muslim countries. Citing highly placed sources, The Express Tribune reported that Pakistan has given back Saudi Arabia USD 1 billion out of a USD 3 billion loan that it secured one and a half year ago to avoid default on international debt obligations after the kingdom decided to reduce its financial support. The development comes even as Pakistan has been pushing for the foreign ministers` meeting of the Organisation of Islamic Cooperation (OIC) since India abrogated Article 370, which gave special status to the erstwhile state of Jammu and Kashmir. Also read: Pakistan's failed judicial system fails 14-year-old Christian girl In a report published by Dawn, a Pakistan diplomatic source confirmed that Saudi Arabia had shown reluctance to accept Islamabad`s request for an immediate meeting of OIC foreign ministers` on Kashmir. After Pakistan failed to gather support from the OIC members on Kashmir on May 22, Prime Minister Imran Khan said, "The reason is that we have no voice and there is a total division amongst (us). We cannot even come together as a whole on the OIC meeting on Kashmir." Though Pakistan reportedly made attempts to push its narrative of raising the issue of rising Islamophobia in India in its agenda, Maldives, an ally of India, thwarted the move and said, "Isolated statements by motivated people and disinformation campaigns on social media should not be construed as representative of the feelings of 1.3 billion." Also read: Pakistan-China intelligence-sharing deal threatens US peace efforts in Afghanistan Maldives Permanent Representative to the United Nations, Thilmeeza Hussain, said that alleging Islamophobia in the context of India would be factually incorrect. "It would be detrimental to the religious harmony in the South Asian region. Islam has existed in India for centuries and it is the second-largest religion in India, with 14.2 per cent of the country`s population," she said. While Pakistan is now on the verge of losing its Muslim friends, China is taking full advantage of the situation. Coming to the so-called rescue of Khan, Beijing has become "time-tested friend" and has given a loan of USD 1 billion to "help Islamabad avoid any adverse impact of the partial withdrawal of the Saudi lifeline," The Express Tribune quoted sources in the Ministry of Finance and the State Bank of Pakistan (SBP) as saying. Meanwhile, Pakistan`s top economic body has approved its costliest project to date as part of the multibillion-dollar China-Pakistan Economic Corridor (CPEC) agreement, giving the go-ahead for a USD 6.8 billion project to upgrade its railway lines, according to a report in Khaleej Times. The sanctioning of USD 6.8 billion for the CPEC project is almost equal to Pakistan`s entire development budget for fiscal 2020-21, which is USD 7.9 billion.

Pakistan forced to pay back Saudi USD 1 billion

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Cash-strapped Pakistan seeks loans of $5 billion from China, Russia and Kazakhstan

Arab world is making Pakistan pay and plan is to mortgage the largest park

Nation-wide protests in Pakistan tell the story of fall of Imran Khan

Pakistan forced to pay back Saudi USD 1 billion