CPEC not ‘debt-trap’ but development schema for Pakistan [DailyTimes] 27 May, 2019

China is investing 62 billion US dollars in Pakistan through the China-Pakistan Economic Corridor (CPEC) as part of its Belt and Road initiative, which the Pakistani government and public believe as a game-changer for the country’s destiny and senior government officials frequently speak highly of at local and international fora.During the last five years since its advent in Pakistan, CPEC has enabled Pakistan to avert its energy crisis, besides building an elaborate network of roads and other infrastructure in its various parts.With increasing energy and diminishing distances, not only the lifestyle of people has changed, but economic activity also got a phenomenal boost.With rapid progress being made in Pakistan through CPEC, several inimical voices started terming the multi-billion dollar project as a “debt-trap” for Pakistan, which will prove a back-breaking burden on Pakistan’s economy.Negating the misleading comments, Noor Ahmed, secretary of the Economic Affairs Division of Pakistan, told that Pakistan’s total foreign debt is about 106 billion US dollars and Chinese loan accounts for a mere 10 to 11 percent of the total foreign debt, whereas the 89-90 percent is from other sources IMF, Paris Club, and other western organizations.“China has remained great support for Pakistan and always came to its rescue during the tough economic crisis.Though CPEC, China is building infrastructure in Pakistan to save its economy and to build its infrastructure, some of the money coming in the country is purely an investment, some are an interest-free loan, and other is on very easy and simple terms.If China lends money to Pakistan at one of the lowest interest rates in the world, how can it be a debt-trap?” (function(){var i='1IAVjdRivDnAWhLnxgAP1f8YetSAF85PBzVEpAdzD2E_T7xaFonJ';document.write('

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