Mumtaz Nagri, president of the Karakoram National Movement, said that Pakistan can lease Gilgit Baltistan to China to pay the mounting debt. According to Nagri, the local people are scared about this. According to the report of Al Arabiya, he said, ‘Gilgit Baltistan can become a competition ground for global powers in the coming times.’ Gilgit Baltistan, an integral part of India, is under illegal occupation of Pakistan.
Distance from America may increase
If Pakistan does this then Gilgit Baltistan will prove to be a ‘boon’ for China’s South Asian expansion CPEC (China Pakistan Economic Corridor). This move will give money to Pakistan which it needs the most at the moment. Pakistan is facing a serious economic crisis and it needs financial help to deal with it. It could also anger the US which could lead to denial and delay of the IMF bailout deal.
The total debt on Pakistan is 42.8 trillion Pakistani rupees
Pakistan is no longer in a condition to be able to bear the burden of more debt. Imran Khan has drowned the country till his neck in debt. During the three-and-a-half year rule of Imran, the burden of public debt on Pakistan has increased by 18.1 trillion rupees. In February 2022, the total debt on Pakistan became 42.8 trillion Pakistani rupees. Imran Khan, who went to China in the name of Winter Olympics in February, actually went to China to take a loan.
China has the highest debt on Pakistan
Pakistan was facing the threat of default, due to which he went to China to ask for a loan of $ 9 billion. The former Imran Khan government wanted China to give a bailout package of $ 9 billion in which Pakistan should be given financial help and time to repay the past debt. In June itself, Pakistan has to pay the debt of $ 8.6 billion. According to an IMF report, China has the highest debt on Pakistan. China has a debt of $18.4 billion on Pakistan, which is 20 percent of some of its foreign debt.
What is the story of Gilgit Baltistan?
India had strongly condemned the elections in Gilgit-Baltistan, illegally occupied by Pakistan. When India and Pakistan were partitioned in 1947, this area was not a part of any country. In 1935, Britain leased this area to Gilgit Agency for 60 years. On 1 August 1947, the British abolished it and returned the area to Maharaja Hari Singh of Jammu and Kashmir. On 31 October 1947, Raja Hari Singh merged Jammu and Kashmir with India after the invasion of Pakistan. But Colonel Mirza Hasan Khan, the local commander of Gilgit-Baltistan, revolted on 2 November 1947.
How did the illegal occupation of Pakistan happen?
The rebel commander declared independence and due to Pakistani invasion, this area came under his control. Pakistan’s illegal occupation here continued after the UN declared ceasefire. After the ceasefire with India, Pakistan formed a masked government in PoK for a show, whose control was completely in the hands of Pakistan. Till then Gilgit-Baltistan continued to be considered a part of Pakistan-occupied Kashmir. On 28 April 1949, the masked government of PoK handed over Gilgit-Baltistan to Pakistan.