How American assessment of the Pakistan China CPEC project is WRONG?

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How American assessment of the Pakistan China CPEC project is WRONG?

ISLAMABAD - Planning Ministry has said that the speech by a US diplomat on China Pakistan Economic Corridor Project is based on wrong analysis and incorrect assessment of the facts.

Commenting on her views, the Spokesperson of the Ministry said that major share of CPEC investments are allocated to energy projects and all the energy projects are in IPP mode and thus bearing no financial liabilities on the Government of Pakistan.

He said for infrastructure projects, the amount is 5.8 billion US billion dollars and that too concessionary loan at 2.34 percent with tenor of 25 years starting from 2021.

The spokesperson said the first phase of CPEC focused on laying the foundations of development through creation of physical infrastructure and overcoming the energy deficit, vital for the growth of every economy.

Regarding employment opportunities in the infrastructure development phase, he said primary data collected from 12 projects under CPEC revealed that of 81,121 total workforces in these projects, more than 90 percent are Pakistani workers.

He said export oriented and import substitution industries not only from China rather businesses and capital from all over the world would be attracted through special incentive investment packages which would be announced soon.

He said by removing the energy and infrastructure bottlenecks in its first phase and now gearing up to kick start industrialization through special economic zones, social sector development through Chinese grants.

He said improvement service delivery is also ensuring in various sectors including tourism, CPEC will prove to be a platform for Pakistan's path to development and symbol of shared growth for others to emulate.