Pakistan takes decisive step; seeks $100 million loan from US; requests to develop mine in Balochistan

 

Delhi: Pakistan has approached the US with a $100 million loan request for the development of the Reko Dikh mine in Balochistan. The application was submitted to the Export-Import (Exim) Bank of America. The effort is to set up a processing plant and storage facilities, power generation and transportation infrastructure in the copper-gold mine. In addition to money, Pakistan has also asked the US for engineering, procurement, construction management services, mining trucks, feeders, grinders and related equipment.

Reacting to this news, former US Treasury Secretary Ivan A. Feigenbaum ridiculed the request, citing China's experience. The sarcasm was that the US could now try to waste as much money on Pakistan as China wasted on the China-Pakistan Economic Corridor (CPEC). Pakistan's decision to buy crude oil from the United States has strengthened the relationship between the two countries. According to this, Donald Trump has announced that the first crude oil shipment from the United States will reach Pakistan by the end of this year.

Trump had also said that this would help increase oil reserves in Pakistan. Trump said that India will have to buy oil from Pakistan in the future. However, the crude oil reserves found in Pakistan are between 234 and 353 million barrels. India already has 4.8 billion barrels to five billion barrels of crude oil in its hands. While Pakistan is between 50 and 55 in the global ranking of oil reserves, India's position is around 20.