As far as the likelihood of Pakistan becoming a colony of China is concerned, this writer has no doubt that it is a matter of time when this becomes officially a reality.  Pakistan has no friends in the world.  China is the only big brother it has who again is not doing any favor to Pakistan by extending their economic arm to keep Pakistan floating, but instead they are pursuing their long term objectives to expand their territorial ambition.  As we know, to a greater extent, they have achieved this objective by lending enormous amount of money to Sri Lankla, Tajikstan and other countries.  They find financially vulnerable countries, lend them money at a higher interest rate to develop their infrastructure.  When they cann't pay that loan back, Chinese occupy their territory on a long term lease basis.  Pakistan is their next target.  China has realized that they cann't militarily attack other countries to flex their tentacles to achieve their territorial ambition, rather the government has made a decision to use their economic muscles to occupy others' territories wherever possible.  

Coming back to the scenario of Pakistan, CPEC was and is a trap for Pakistan to achieve Chinese long term objective.  Pakistan has taken a loan at a higher interest rate and now with the dwindling economic situation, it cann't repay the loan.  Hence, they have become a victim of Chinese game.  According to the press reports and economic experts, Pakistan needs around $35 Billion dollars to be able to pay the impending dues and be able to float.  Because Pakistan has only around $10 Billion left in the exchequer to take care of imports and other needs which is good enough for couple of months.  Then what?

Predicated on the diplomatic and political scenario in the USA, it appears that IMF will not lend them any money because there is an understanding here that Pakistan will use that money to pay off Chinese debt of CPEC.  Then the question is, where else Pakistan can go with a begging bowl to get a doze of survival?  For the in-coming government of Imran Khan, it is going to be a very crucial dilemma.  He will be a genius if he is able to find a solution of this conundrum.  The quick solution could be to some extent, if and if at all, the IMF decides to bail them out, Pakistan should be ready to scratch the on going CPEC project to satisfy the pressure from the US government on the IMF.  IMF can ask for many more contingencies before it lends any dollar to Pakistan.  It is a very precarious economic situation for Pakistan and they do not hold any trump card at all.