ISLAMABAD - Pakistan has rejected Western media’s recent reporting on China-Pakistan Economic Corridor (CPEC), terming it incorrect information based on distorted facts and one-sided opinion.
In a statement, the Planning, Development and Reform Ministry said that Pakistan has opted for Chinese investment under CPEC due to the favorable financing arrangements.
It added that China stepped forward to support Pakistan’s development at the time when foreign investment had dried up, and economic activities were being crippled by energy shortages and infrastructure gaps, media reported on Friday.
The ministry categorically denied that CPEC is imposing any immediate burden with respect to loans repayment and energy sector outflows, adding that the corridor’s outflows would start from the year 2021 and spread over 20 to 25 years with a maximum in the year of 2024 and 2025.
“The CPEC has brought investment opportunities to Pakistan, and the resultant benefits of these investments to the country's economy would far outweigh these outflows,” the ministry said. - APP/Xinhua