China’s No To Pak Debt Restructuring

China has reportedly rejected a Pakistani request to restructure its $3 billion debt. The money was loaned by China for energy projects under CPEC, but Beijing says any restructuring would require Chinese banks to amend the terms and conditions of the loan. The banks in question are the Export-Import Bank of China and the China Development Bank. Local media also quoted government ministers as complaining about the high tariffs charged by power producers of CPEC projects.