CPEC: China expresses concern over BLA's militancy in Pakistan At least a dozen odd attacks have been carried out on Chinese properties and citizens by the BLA over the last few years. Pakistan’s total external debt and liabilities went up to $113.8 billion in September 2020 from $107bn a year ago. Islamabad: China appears to be backing away from its initial financial promises to Pakistan under Beijing-financed China-Pakistan Economic Corridor (. A committee looking into the losses in Pakistan's power sector has dug out a $625 scam. The recent controversy is surrounding the Main Line 1, or ML-1, railway project, the largest in China’s Belt and Road Initiative (BRI) in Pakistan, as Beijing is hesitant to finance it at the 1 per cent interest rate requested by Islamabad. There is a track record from the Pakistani side of claiming that CPEC will be a 'game-changer,' but so far there is no sign of any game being changed. In the past, JCCs were always held in time, and China agreed to Islamabad's requests most of the time. Two years since, his members are now being named in bigger corruption complaints themselves in the country’s power sector, where at least one-third of the power companies are part of the CPEC-related projects. China will indulge in some posturing to get a better deal as Pakistan cannot get a loan from anyone else in the current diplomatic and financial climate.”. The China-Pakistan Economic Corridor (CPEC), one of the most ambitious components of Beijing’s Belt and Road Initiative, was announced to great fanfare in 2015. For instance, eight of the 14 key projects in the power sector have been termed ‘problematic’ or ‘partially satisfactory’. The first phase is scheduled to start from January 2021. Pakistani side also discusses poverty alleviation research project with Chinese side. By CPIC Global 01.12.20. However, after the indecision showed by Beijing on agreeing to terms requested by Pakistan, the ML-1 project looks unlikely to start on schedule. Furthermore, the total public debt-to-GDP ratio increased from 72.1 per cent to 87.2 per cent. Against this backdrop, Pakistan has secured a temporary debt relief of $3.2 billion under the G-20 Covid-19 Debt Service Suspension Initiative. ... (2020) and US News and World Report (2020). PESHAWAR, March 04 — Chinese Ambassador to Pakistan Nong Rong said on Thursday that China welcomes the participation of third parties in the China Pakistan Economic Corridor (CPEC) which will further strengthen the mega project. Pakistan’s performance in the utilisation of both project and programme loans has been far from satisfactory. March 14, 2021. China appears to be backing away from its initial financial promises to Pakistan under Beijing-financed China-Pakistan Economic Corridor (CPEC), a … “We are in a debt trap that is entirely of our own making. The ministry of railways was in favour of making the request for full financing of $6.1 billion but due to overall debt sustainability fears, they decided to request for the loan across three phases, subject to China’s ratification. According to the report, over the course of two years, Pakistan’s foreign debt and liabilities have increased from $95.2 billion to $112.8 billion, an addition of $17.6 billion or 18.5 per cent. Haters free to … China's debt-trap diplomacy, evocative of the British colonial-era practices, had recently claimed Laos the small, resource-rich nation. More broadly, CPEC construction itself has brought little economic value to Pakistan. Source brecoder.com.pk. In one of the chapters, he comments that “not only did the Pakistan military (and in particular its intelligence arm, ISI) tolerate the presence of Taliban headquarters and leadership in Quetta, near the Pakistani border, but it was also quietly assisting the Taliban as a means of keeping the Afghan government weak and hedging against Kabul’s potential alignment with Pakistan’s archrival, India.” Here, Pakistan was allying with the Taliban to keep India out of Afghanistan. However, because Pakistan is sandwiched between an unstable Afghanistan, India, and the Himalayan mountains, transportation through the trade corridor is expensive, difficult, and unlikely to be a viable option. In trying to balance the reserves, Pakistan launched “Roshan Digital Accounts” for overseas Pakistanis to boost both home remittances and foreign portfolio investment (FPI) in government debt securities. ). Federal minister for railways Sheikh Rashid Ahmed claimed that ML-1 will provide jobs to 150,000 people in Pakistan. China’s Foreign Ministry Spokesperson Zhao Lijian, has welcomed all countries and international organizations to take part in the development of CPEC , a flagship project of the country’s ambitious Belt and Road Initiative. Only Chinese companies are entitled to bid on the project, according to government sources. Phase-II of CPEC would be started after “full preparation and in an institutional manner”, says Asim Bajwa. They have been reluctant to slash interest rates on new or existing projects both in Pakistan and globally. With 2,655km of track, it connects Karachi in the South to Peshawar in the North. The viability of some of the CPEC’s projects, and how they were going to be paid for in a pandemic-hit economy, had come under renewed attention in Pakistan. The Gwadar port, on the other hand, has struggled to attract the 100 million tonnes of cargo promised in the master plan. UKPNP Chairman Sardar Shaukat said, “This an open secret that Pakistan is treating Gilgit Baltistan and so-called Azad Kashmir as its colony, assemblies at Gilgit Baltistan and so … Report claims China is also attempting to at least double the number of nuclear warheads in its arsenal in the next decade. “While questions are being raised of Pakistan’s ever-increasing dependence on China, it is fair to say that Pakistan does not have viable alternatives of options. Yet both sectors have struggled to show desired results, owing to inherent governance problems across all tiers. These loans are generally sought to realise broad development and economic objectives or for specific projects and services, owing to lack of domestic resources. It also depends on how well the deals have been negotiated and structured.”, “Pakistan has to build and upskill its technical base and manpower to best utilise these developmental projects.”. KARACHI: Federal Minister for Planning and Development Asad Umar said on Sunday the China-Pakistan Economic Corridor (CPEC) is entering an … The primary difference has been around the rate of interest of these loans. It is a risk to our national security. The BRI has been heavily criticised as being a veil for Chinese colonial expansion, leaving less developed countries with huge amounts of debts, thereby allowing Beijing to exert its influence over them. Of course, countries like India may look to fish in troubled waters of Pakistan but to completely blame India for attacks by these nationalist forces may not hold ground.”. ISLAMABAD, April 18(Gwadar Pro)- Pakistan and China are jointly working to ensure transparency in China-Pakistan Economic Corridor (CPEC) projects, Pakistan’s accountability watchdog chief said. Pakistan, China agree to boost industrial cooperation under CPEC Board of investment chairman says second phase requires a 180-degree shift in management and roles. The IPR is run by senior PTI leader and former commerce minister Humayum Akhtar Khan. CPEC and China Pakistan Knowledge Corridor. ISLAMABAD: Chinese Ambassador Nong Rong om Monday said that great news about China-Pakistan Economic Corridor (CPEC) would soon be out and new projects related to CPEC are under consideration. CPEC is an ongoing development mega project which aims to connect Gwadar Port of Pakistan to China’s northwestern region of Xinjiang, via a network of highways, railways, and pipelines. Project hailed as the way forward for promoting regional connectivity. Circular debt is indeed a major problem. The World Bank (ongoing portfolio in Pakistan is worth $10.4bn for 52 projects) also expressed concerns about several slow-moving projects and requested the federal and provincial executing agencies to remove bottlenecks immediately. People close to the negotiation team claim China is going to invest in more than 100 projects. Pakistan News: The multi-billion dollar Belt and Road Initiative appears to have driven a wedge between all-weather allies China and Pakistan. Finding it difficult to pay back the Chinese loans, Laos handed China the majority control of its national electric grid at a precarious time when Laos’ state-owned electricity company's debt has spiraled to 26 per cent of its GDP. Newly appointed Chinese envoy says China and Pakistan are all-weather strategic partners. China’s ambassador calls Pakistan emerging hub of trade. It also reflects a failure to make the necessary reforms in the key sectors of energy and power,” the report added. Originally valued at $47 Billion, the value of CPEC projects is worth $62 Billion as of 2020. Pakistan has always had a larger expenditure than what it earns. Excellent. Islamabad [Pakistan], April 3 (ANI): Amid lack of progress on the China-Pakistan Economic Corridor (CPEC), subtle signs of unease have emerged between the … Parties pledge to “shape and safeguard" political environment and favourable public opinion for CPEC development. China-Pakistan embroiled in major disagreement over CPEC funding 25 Jan, 2021, 11.28 AM IST. Get other latest updates via a … CPEC | China-Pakistan Economic Corridor (CPEC) Official Website Develop By Ministry of Planning Development & Special Initiatives CPEC Secretariat 'P' block Pak-Secretariat, Islamabad,Pakistan. In its sheer scope, it is bigger than even the CPEC in Pakistan. Around 40 leading Pakistani businessmen are also accompanying the prime minister during his visit. Second phase of CPEC was all about taking its dividends to the public, says CPEC Authority chairman. In 2015, when China launched its multibillion-dollar economic corridor in Pakistan, called the China-Pakistan Economic Corridor (CPEC), it was dubbed a "game changer" for Pakistan. CPEC — a boon for all-weather Pak-China strategic partnership. The error is regretted. Attended by China’s Vice Foreign Minister Luo Zhaohui and Pakistan’s Foreign Secretary Sohail Mahmood, the meeting was aimed at taking stock of the CPEC as it turns five. Most of the World Bank-funded projects are termed as ‘at risk’ due to slow progress and other bureaucracy issues. In the second phase of CPEC scheduled for 2020 to 2025, Chinese companies are due to start producing goods in Pakistan and exporting from there. CPEC has based on a false premise that a nation needs these massive economic projects to be prosperous. A 278-page inquiry report, compiled by the Securities and Exchange Commission of Pakistan (SECP), was presented to Khan in April, unearthing the alleged irregularities that were estimated to be worth over $1.8 billion in subsidies allegedly given to 16 independent power producers (IPPs), including those belonging to Khan’s advisers Razak Dawood and Nadeem Baber. CPECnews – Latest updates on CPEC. Treasury members grilled over CPEC Authority; assault on provincial autonomy alleged. In Africa, a long list of countries want suspension and renegotiations of their debt repayments to Beijing, especially in the aftermath of the Covid-19 pandemic, including Angola, Cameroon, Congo, Ethiopia, Kenya, Mozambique and Zambia. The literature of these nationalist forces argues that the Pakistan army has colluded with China to plunder Baloch and Sindh natural resources. This challenges Indian security in new ways Tara Kartha. CPEC was supposed to lead to an upgraded and more comprehensive relationship between China and Pakistan, transcending their longstanding narrow security ties. Chinese workers get paid more than US$ 2,000 dollars while Venezuelans get US$ 350. The money trail leads all the way to China and it involves two Chinese power producers Huaneng Shandong Ruyi energy(HSR) and Port Qasim Electric Power Company Limited. It is now believed that the G-20 debt relief can only briefly stem the tide but can't hide the fact that Pakistan needs long-term solutions to deal with its serious lack of foreign reserves. In recent weeks, a review of all projects funded by Asian Development Bank (ADB), World Bank, Islamic Development Bank (IDB), Japan, France, Germany and the United States (other than CPEC) in the power sector showed miserable performance. "China transferred its technology, knowledge and skills through the Lahore Metro Train and other mega schemes launched and completed under CPEC." ... (2020) and US News and World Report (2020). CPEC and China Pakistan Knowledge Corridor. Pakistan’s economy is in shambles, and the China Pakistan Economic Corridor (CPEC) is making it worse. The CPEC is the flagship component of China's massive BRI infrastructure project, both of which were announced in 2015. Economists monitoring CPEC progress opine that China wants to ensure that projects are viable enough to make financial sense even under tighter conditions. “In two years, total debt and liabilities have grown by a massive 14.7 trillion. As recently as last week, Pakistan claimed to have evidences of Indian involvement in triggering attacks against the CPEC projects in order to sabotage the same. News and Updates: CPEC projects are progressing with fast pace during tenure of the … The govt will strive to make every project launched under the umbrella of CPEC a success, says Asad Umar. Chinese companies violate local laws. Projects, once hailed for its promise to bring employment and wealth, have instead been built by Chinese labour, equipment, and materials. CPEC: China expresses concern over BLA's militancy in Pakistan At least a dozen odd attacks have been carried out on Chinese properties and citizens by the BLA over the last few years. CPEC Projects. Jeremy Garlick, an assistant professor at the Jan Masaryk Centre of International Studies at the Prague University of Economics and Business, was quoted across Pakistani newspapers saying Beijing was using delaying tactics on the ML-1 as it doesn’t want to end up with a bad deal on its hands. Pak-China Economic Corridor agreement 2400 km expressway from gwadar to Kashgar cost 18$ billion, Railway and petroluem gas pipe lines expected. China had sought additional guarantees before sanctioning a $6 billion loan for the Main Line-1 (ML-1) project, which includes upgrading a 1,872 km rail line from Peshawar to Karachi. Pak-China Economic Corridor agreement 2400 km expressway from gwadar to Kashgar cost 18$ billion, Railway and petroluem gas pipe lines expected. Dr Kaiser Bengali says Pakistan's economic managers are "trying to appease IMF and other international lenders". With no further possibility of getting loans from Western nations, Islamabad is left with no choice but to seek them from China for projects it considers economically significant, as not all China-backed projects have come to a halt. PML-N, PPP oppose the bill; committee told no salary given to chairman after expiry of ordinance in May. National Accountability Bureau (NAB) Chairman (Retd) Justice Javed Iqbal said the two friendly countries aimed to eliminate even a shadow of corruption in the execution of the CPEC projects. China's opaque loans to Pakistan are also an impediment in Pakistan getting further loans from Western countries. Sharp differences hav Tajikistan’s routine borrowing from 2006 resulted in the nation ceding 1,158 sq km of the Pamir mountains to China which is now used by Chinese companies to mine gold, silver and other mineral ores. There were plenty of announcements about CPEC last year, but implanting it is another matter. In 2015, when China launched its multibillion-dollar economic corridor in Pakistan, called the China-Pakistan Economic Corridor (CPEC), it was dubbed a "game changer" for Pakistan. CPEC NEWS; OB Events. Serious disagreements have surfaced between the two countries over the Main Line 1 (ML-1) railway project. News and Updates: Ongoing phase of CPEC to bring about socio-economic benefits to the people: Asad Umar. a debt trap. 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For reprint rights: Syndications Today. Pakistan’s insecurity is a well-known trait that has also been recorded by former US President Barack Obama in his latest book ‘A Promised Land’. The cost of providing around-the-clock security to Chinese nationals is raising the price of the projects at a time when Pakistan’s economy is failing. But this claim has been contested by critics, experts and the opposition. The Institute of Policy Reforms (IPR), a think-tank run by a senior leader of Pakistan’s ruling party, the Pakistan Tehreek-e-Insaf (PTI), has made a startling claim that “Pakistan has slipped into a debt trap due to the government’s failure to bring reforms and weak fiscal management, which has also raised national security concerns.”. Another neighbour Kyrgyzstan also pursued relief from China last month despite already owing a lot of debt to it. Its 2019 alternative energy policy – recently set in motion – commits to 30 per cent of the energy mix being from renewable sources by 2030, up from 4 per cent now. This was an attempt to boost foreign direct investment (FDI) and exports. Work on CPEC project progressing: Chinese envoy, Chinese envoy sees steady progress on CPEC projects, CPEC entering important phase, says minister, Balochistan to reap benefits of CPEC: Yasinzai, First Pakistani bank opens branch in Beijing, Efficient and empowered authority urged for CPEC, China transferred technology, skills to Pakistan through CPEC: envoy, PM advises Sri Lanka to benefit from CPEC, Govt bulldozes CPEC Authority bill through NA, Pakistan-China joint parliamentary panel soon to oversee CPEC, Angry over govt’s replies, opposition walks out of Senate, Pakistan being subjected to 5th-generation warfare in 'massive way' but we are aware of threats: DG ISPR, NA panel clears CPEC authority bill with majority vote, India creating unrest to damage CPEC: Qureshi, 'Irrefutable evidence': Dossier on India's sponsorship of state terrorism in Pakistan presented, No CPEC Authority Chairman at present, NA panel told, ‘China committed to making CPEC a high quality model project’, Projects for third phase under CPEC discussed, Peoples of Pakistan, China asked to work for CPEC, CPEC aimed at decreasing China’s reliance on strategic chokeholds: Pentagon, Pakistan, China agree to boost industrial cooperation under CPEC, Imran asks Chinese entrepreneurs to establish offices in Pakistan, Parties vow to ensure CPEC progress, guard it against threats, Rashakai SEZ pact to be signed by end August: Asim Saleem Bajwa, CPEC projects unaffected by Covid-19, say officials, Online moot rejects ‘debt trap’ as propaganda, lauds CPEC, CPEC to be completed at all costs, says Imran, Govt vows greater transparency in second phase of CPEC, ‘CPEC placed in cold storage due to influence from West’. The government was borrowing to repay the maturing debt, which now seems to be a concern for all the political parties, businessmen and experts,” the report said. Chinese Smartphone brand Vivo to establish manufacturing facility in Pakistan December 2, 2020. CPEC coal projects are not compatible with Pakistan’s own green policies. The American loans are also not sustainable. China is expected to lend $6 billion of this, which Pakistan wants to borrow at a concessional interest rate of less than 3%. Compunode.com Pvt. Today, the port is only serving a few major Chinese shipping companies which carry construction materials for CPEC-related projects. Sri Lanka and Pakistan, meanwhile, are taking fresh loans from China to pay off old loans, highlighting the brutal cycle in which they find themselves stuck. Political turbulence, foreign debt limits and the Covid-19 pandemic have all come together to slow down Chinese investment in Pakistan as Beijing holds off on projects under the $62 billion China-Pakistan Economic Corridor (CPEC), including a $6.1 billion railway renovation plan. In a report published by the IPR titled ‘Pakistan’s debt and debt servicing is cause of concern’, the specifics behind the crippling economy and soaring debts and liabilities have been discussed, while the government has been criticised for weak fiscal management. China understands that nationalist and separatist forces in Balochistan and Sindh provinces have stepped up their activities against the projects, which in recent weeks has seen Chinese workers and engineers working in the regions targeted and killed by armed separatists. The economic corridor is considered central to China–Pakistan relations and will run about 2700 km from Gwadar to Kashgar. Although the Pakistan government will be expecting favours from the Gulf countries via loan extensions, it is something that will take a lot of negotiations. External public debt was logged at $78 billion in June-end 2020, showing a surge of $4.5 billion during FY20. China and Pakistan welcome all initiatives supporting the Belt & Road Initiative (BRI) launched by President Xi Jinping and its flagship China-Pakistan Economic Corridor (CPEC), spokesperson for Chinese Foreign Ministry Zhao Lijian said. China-Pakistan Economic Corridor is a framework of regional connectivity. Pakistan’s external debt and liabilities have risen from $95 billion in 2018 to about $113 billion by end of the last fiscal, a worrisome addition of $17.8 billion to the total external debt and liabilities in just two years. Board of investment chairman says second phase requires a 180-degree shift in management and roles. Abdul Basit says, “The Baluchi problem was something that started in 2006, owing to the assassination of Akbar Bugti who was the Tumandar of the Bugti tribe of Baloch people and the governor of the province. Prime Minister Imran Khan says the gigantic multi-faceted initiative would guarantee a bright future for the nation. “Beijing doesn’t want to say no to ML-1, it wants to appear committed in Pakistan, but at the same time it is aware of the risky environment for Chinese investments,” he added. Most of project and programme loans are focused on reforming the taxation and energy sectors. CPEC projects progressing satisfactorily: Chinese Ambassador. Afshan Subohi Published February 10, 2020. Minister of National Defense China conferred Nishan-e-Imtiaz (Military) by President Alvi December 1, 2020. But China’s debt threat diplomacy is something Pakistan must be wary of. 15 talking about this. (The writer is a Singapore-based Open-Source Intelligence analyst). Explore more on Cpec. Chinese authorities have also conveyed that the interest rate could be higher than the 1 per cent Pakistan is asking for. It also includes dualisation and upgrading of the railway track from Peshawar to Karachi. China welcomes countries to participate in CPEC building. The map has been removed from the story. Reports indicate that after five years and $20 billion of realised investments, only 75,000 jobs have been created in Pakistan linked to CPEC far short of the estimated 1.5 million jobs per year promised in the original plan. These deals do favour China more than 100 projects board of investment chairman says second phase requires a 180-degree in! Presence to allow it to interact with financial institutions involved in china-pakistan Economic (. Federal minister for railways Sheikh Rashid Ahmed claimed that ML-1 will provide jobs to 150,000 people in baseless. 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