Published 16:47 IST, November 26th 2019
China says CPEC debt less than one-tenth of Pakistan's total debt
China has claimed that the debt incurred from the project of China Pakistan Economic Corridor (CPEC) at $4.9 billion is one-tenth of Pakistan's total debt.
China has claimed that the debt incurred from the project of China Pakistan Economic Corridor (CPEC) at $4.9 billion is less than one-tenth of Pakistan's total debt. Beijing said that it will continue to work with Pakistan for the progress and development of the multi-billion-dollar project. Geng Shuang, Chinese Foreign Ministry spokesperson criticized US for accusations on CPEC and blamed for using the same old script and doing the same old plots. Lijian Zhao, Deputy Director-General, Information Department, Ministry of Foreign Affairs said that drastic progress have been achieved in CPEC. Shuang added that it has significantly improved local transportation infrastructure and power supply and created a lot of job opportunities in Pakistan.
China to work with Pakistan for progress in CPEC
According to the reports released by Pakistan, the debt incurred is less than one-tenth of Pakistan's total debt. Geng Shuang, tweeted, "I'm afraid the US is not bad at math, but rather misguided by evil calculations. If US would like to help Pakistan, it should take concrete measures instead of paying lip service and being the spoiler". The spokesperson added that China will work with Pakistan for steady progress in CPEC and will enhance strategic cooperative partnership to bring more benefits for the people of Pakistan. Chinese Ambassador to Pakistan Yao Jing said that Beijing will never force Islamabad to make timely payments of its debt.
US Acting Assistant Secretary of State for South Asia Alice Wells said that the CPEC project would affect Pakistan's economy at the time of repayments in the near future.CPEC's most important and strategic project is upgrading the railway from Karachi to Peshawar. The price for the project was set at $8.2 billion when it was initially announced. Later it was negotiated down to $6.2 billion. Pakistan Foreign Office Spokesperson Muhammad Faisal said the people and Pakistan's government should carry forward the project for the prosperity and development of the region. He further added that Pakistan would not step back from the economic corridor at any cost and the entire nation would contribute to its development process.
Updated 17:17 IST, November 26th 2019