The western media is slamming the China Pakistan Economic Corridor (CPEC Project) as being a lucrative debt trap for a reeling Pakistan. In recent weeks the western media hit out at the CPEC relentlessly for exerting enormous pressure on the finances of Pakistan and pushing it deeper into the debt trap. Media reports have called the CPEC too expensive to handle for Pakistan. Pakistan however, refuses to accept any such reports and maintains that the CPEC is crucial for its economic growth.
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New Government In Pakistan Would Not Renegotiate On The CPEC
The billion-dollar CPEC Project is one of the key investments by Beijing under its highly ambitious One Belt One Road initiative. Pakistan has been largely tempted by the influx of Chinese investments ignoring the mounting debt.
As reported by Global Times, the would-be finance minister of Pakistan, Asad Umar stated that the new government under Imran Khan has no intention to change its stance on the CPEC. He said that the new government will not be willing to renegotiate on any of the OBOR projects in Pakistan even if some might call them way too expensive.
Initially, the value of CPEC was estimated to be 46 billion dollars but it now stands at 62 billion dollars. China Development Bank and the Asian Infrastructure Investment Bank are among the leading financiers of the China Pakistan Economic Corridor.
Pakistani Media Defending CPEC
Pakistani media too maintains that the CPEC has not exerted any immediate debt pressures on Pakistan. The media states that these projects have been funded under a composite funding package and hence the western media is wrong in slamming the China Pakistan Economic Corridor. Pakistan is hopeful that it can reap tangible economic benefits from the CPEC and that the CPEC will push its economy to do better. The people of Pakistan could best speak for the boons and banes of the CPEC and that remains to be seen.