CURRENT AFFAIRS

Detailed explanation-1: -Sri Lanka has sought a new loan and buyer’s credit from China for $2.5 billion as the island nation struggles to cope with one of its worst economic meltdowns, a top Chinese official said, days after Colombo obtained a billion-dollar credit line from New Delhi.

Detailed explanation-2: -Those with the highest external debt to China are Pakistan $77.3 billion, Angola $36.3 billion, Ethiopia $7.9 billion, Kenya $7.4 billion and Sri Lanka $6.8 billion.

Detailed explanation-3: -Cash-strapped Pakistan to receive additional $13 billion from China, Saudi Arabia - The Hindu.

Detailed explanation-4: -The authors’ research, based on a comprehensive new data set, reveals that between 1949 and 2017, the state and its subsidiaries lent about $1.5 trillion to more than 150 countries across the globe - much of which has been hidden from public view.

Detailed explanation-5: -China had taken three months’ time in refinancing a $2.3 billion commercial loan that Pakistan paid back in March. Pakistan’s gross foreign exchange reserves currently stand at $7.5 billion.