Economic corridor will be top priority, Pakistan’s new govt assures China

ISLAMABAD: Pakistan on Saturday assured China that the Chinapakistan Economic Corridor (CPEC) will remain the top priority of the new government.

“The CPEC is proof of how seamless the Belt and Road Initiative can become with the help of all stakeholders,” Pakistan foreign minister Shah Mehmood Qureshi said at a joint press conference with his visiting Chinese counterpart Wang Yi.

Wang defended BRI, rejecting criticism that the project has saddled Pakistan with huge debt. “CPEC has not inflicted a debt burden on Pakistan, rather when these projects get completed and enter into operation, they will unleash huge economic benefits…and these will create considerable returns to the Pakistani economy.”

Wang said the CPEC, the Pakistani portion of the BRI, has helped increase economic growth by 1 to 2% and has contributed 70,000 jobs. He said 47% of Pakistan’s debt comes from the IMF and the Asian Development Bank, adding that 22 operational CPEC projects, of which nine have been completed, have triggered investment worth $19 billion so far.

He also rejected concerns about the transparency of CPEC, saying those worries were “false” as all the projects had undergone necessary approvals. Wang, who is currently in Pakistan on a three-day official visit, also said the two sides have decided to initiate a strategic dialogue.