DAVOS: Maintaining that CPEC was helping Pakistan, PM Imran Khan rejected the criticism terming that as nonsense.
PM maintained: “When the Chinese came to help us with this Belt and Road Initiative (BRI) and CPEC, we were really at the rock bottom,” said the prime minister when the interviewer, Hadley Gamble, asked if the project was a debt-trap for Pakistan. So, we are really grateful to the Chinese that they came and rescued us. They came and pumped in, not just they gave us loans – and the loans, by the way are barely five or six percent of the total portfolio.”
According to PM Imran Khan because of Chinese financing foreign investors were attracted towards Pakistan. He further pointed out that China was also helping Pakistan in technology transfer. He said Chinese were helping Pakistan in agriculture boosting its productivity. PM maintained that Chinese were also teaching Pakistanis the skills they needed to benefit from the CPEC projects: “They are building skill centers in Pakistan. So, they are helping us and we are grateful.”
Relevant pieces published earlier:
Chinese Embassy rejects Alice Wells ‘propaganda’ on CPEC
22nd of January, 2020
ISLAMABAD: Reacting to the Anti-China/Anti-CPEC statements by US diplomat Alice Wells, Chinese diplomatic mission here has termed her criticism as interference in Sino-Pak terms via negative propaganda against CPEC.
Chinese Embassy held: “Although you can never wake up a person who is pretending to be asleep, we have to make our position clear and reject the negative propaganda by the US. The comments hold nothing new, but the same cliche in her speech in November, 2019, which has been repeatedly rejected by China and Pakistan…we must not let the truth be distorted and the lies run wild.
“The Chinese government always requests the Chinese companies to operate according to local laws and regulations…The entire process is open and transparent and is in line with international norm. We keep in touch with the relative accountability agencies of Pakistan and it is agreed that the CPEC is clean…according to statistics from the State Bank of Pakistan, the total foreign debt of Pakistan is US $110 billion.
“In fact, international financial institutions including the Paris Club and IMF are the largest creditors of Pakistan. Loan for the CPEC is about $5.8 billion, accounting for 5.3 per cent of Pakistan’s total foreign debt. China will continue to work with the Pakistani government and people to steadily advance the BRI and CPEC to promote regional peace and development.”
Alice Wells notes Chinese financing augment Pak debt burden
22nd January, 2020
ISLAMABAD: Alice Wells, Senior US diplomat for South Asia and Pacific, urging Pakistan to rethink its all-out involvement in CPEC has warned Pakistan that Chinese financing would push it further in the profundity of debt trap.
Ambassador Wells, who is presently in Pakistan on a 4-day trip, was addressing members of academia at a Think Tank event here on Tuesday (21st of January, 2020).
Criticizing China’s One Belt One Road Initiative, Wells claimed that there was no transparency in CPEC projects and companies in the blacklist of World Bank were being granted CPEC contracts. She also questioned the the immunity from prosecution for the newly formed CPEC Authority.
She reiterated that Pakistan was buying expensive Chinese loans and this would take a heavy toll on its economy.
Chief US diplomat Alice Wells discusses FAFT with Pak leadership
20th of January, 2020
ISLAMABAD: Alice Wells, Chief US diplomat for South Asian affairs, has discussed here today the Pakistan’s progress on matters raised by the Financial Action Task Force (FATF).
“It is heartening to see that Pakistan’s government has made significant progress on these matters and that too in a short time,” noted Wells Wells who arrived here on Sunday (19th of January, 2020) for a four-day visit to Pakistan. Earlier she had been to India and Sri Lanka.
It may be noted here that earlier Pakistan had asked US for its support in order to exit from the grey list of the FATF ahead of Beijing huddle in which it is scheduled to examine Islamabad’s efforts to contain terror financing and money laundering. It is pertinent to mention here that a Pakistani team is presently in Beijing for a 3-day tête-à-tête with the FATF’s Working Group that would commence tomorrow (Tuesday 21st of January).