By Usman Khan

AS China and the United States are at loggerhead with each other in their pursuit of global primacy, Pakistan has become a battleground between china and US for getting their economic sway in South Asia. Each needs Pakistan for its own ends, and the time has come now to make a bold decision.

In a bid to reinforce itself as a leader in world trade, China needs to have the China-Pakistan Economic Corridor (CPEC) completed. In the meantime, the US must keep a strategic ally to maintain its power and influence in South Asia. So there exists an acute and tense economic battle between the two economic giants of the world.

Pakistan has amassed foreign debt valued at $120 billion, with over 20 per cent of the population living below the poverty line. This seems like an unnerving figure, but not when compared to countries like Japan and the US, whose national debt sits at over 100pc of their GDP. Paying off our debt will be the least of our worries if we play our cards right.

Pakistan presently enjoys due to its geo-strategic position. That is why, China is relying heavily on our support to see the completion of the China Pakistan economic corridor (CPEC).CPEC may advantage Pakistan in the long term through economic development. However, debt write-off by the global financial institutions is a shortcut to the monetary relief we so desperately need.

In return for unconstrained access to trade routes, the government needs to negotiate with China to buy our International Monetary Fund (IMF) loans, which come with strict restraints. Once that happens, and we are not severely overburdened by debt servicing, the currency and the economy will resultantly stabilize and bring relief to the masses.

Islamabad, in the meantime, is stuck between the two biggest players in global politics. The time has come to choose finally between the two, and fast. The assertion that Pakistan is not officially joining any bloc doesn’t make sense. Therefore, it is time to choose a side and stick to an ally permanently.

The US is looking forward to compete with the growing Chinese influence. The question then is: if America is so keen on thwarting China’s great game, why doesn’t it buy off Pakistan’s debt? Even with its dwindling power, the US and its allies enjoy tremendous sway over global institutions, particularly the IMF.

Buying Pakistan’s debt will be a reliable way for Washington to stop and control China and buy itself a seat on the popular South Asian strategic table again. Due to Pakistan’s strategic-significance location at the crossroads of trade in the south- region and as gateway onward to Central Asian countries (CARS). That is why whoever bails out Pakistan at this time would have the clear upper hand in all future developments in this part of the world. On the other hand, Pakistan avoid sailing in two boats

Currently, not only the Taliban embraced China’s assistance in the reconstruction and development of Afghanistan with open arms, Taliban spiritual head has also expressed the Taliban’s interest in establishing diplomatic and economic ties with all countries, including the US. The US administration will inevitably attempt to woo the Taliban, since it has begun to realize that stepping out of South Asia is no longer feasible for US.

China should also realize that economic stability in Pakistan is a prerequisite to the success of CPEC and the BRI, or the US steps in and makes the government an offer it cannot refuse. Loyalties aside, money always talks and whoever succeeds in wooing Pakistan first will have an unspecified stronghold in the region. It is time for us to prioritize clarity, diplomacy and development over continued indecision to realize both the China and US what we can offer to them and the world at large.