Pakistan Foreign Office strongly react over the media reports of CPEC debt obligations

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Pakistan Foreign Office strongly react over the media reports of CPEC debt obligations

ISLAMABAD - Pakistan Foreign Office strongly react over the media reports of CPEC debt obligations.

Pakistan has said that China-Pakistan Economic Corridor (CPEC) is a transformational project contributing positively and transparently to the country’s national development.

In a statement on Friday, Foreign Office Spokesperson Aisha Farooqui clarified that our total public debt relating to CPEC projects is less than even 10% of the total debt. Moreover, the public debt obtained from China has a maturity period of 20 years and the interest is 2.34 percent.

“If grants are included, the interest value slides down to about two percent,” she added. She said the claims made by some of the commentators and public officials on Pakistan’s debt obligations relating to CPEC are contrary to facts.

She said the CPEC is a flagship project of Belt and Road Initiative. She said Pakistan believes that regional economic connectivity will provide a critical stimulus for creating broad-based growth across the region.

She reiterated that CPEC, a long-term project, has helped address development gaps in energy, infrastructure, industrialisation, and job creation.

The spokesperson said Pakistan and China are all weather strategic cooperative partners.

Both the countries are engaged in promoting peace, development and stability in the region based on the principles of mutual respect, mutual benefit, win-win cooperation and shared development. “Our ties are based on deep mutual trust and understanding,” she held.

Aisha Farooqui said Pakistan and China have several mechanisms to discuss matters of mutual interest. She said the two countries are regularly in touch to address those issues bilaterally.