ISLAMABAD – Pakistan has categorically rejected as baseless the claims thatChina Pakistan Economic Corridor (CPEC) project is always in the form ofloans or non-concessional financing with sovereign guarantees.
Responding to the queries of media persons at her weekly news briefing inIslamabad today regarding US Ambassador Alice Wells recent remarks againstthe corridor project, Foreign Office Spokesperson Aisha Farooqui todayclarified that the total CPEC debt is about 4.9 billion dollars which isnot even the ten percent of the country’s total debt.
The spokesperson said that the CPEC is a long term project negotiatedthrough a multi-layered process. It has helped Pakistan to addressdevelopment gaps in energy, infrastructure, industrialization and jobcreation. She stressed that it should be perceived in terms of enormouseconomic benefits for the people of Pakistan and social economicdevelopment. She said we believe it is also beneficial for regionalconnectivity and prosperity.
The spokesperson said Pakistan and China are all weather strategiccooperative partners. The CPEC is a transformational project for Pakistanand its expeditious completion is our top priority. In that regard , a CPECauthority has recently been established to oversee completion of theprojects.
Aisha Farooqui said that twelve corridor related power projects have eitherbeen completed or are under construction with the total capacity of seventhousand two hundred and forty megawatts with an investment of 12.4 billiondollars. Another nine power projects are at an early stage with thecapacity of six thousand three hundred and ninety megawatt. She pointed outthat these energy projects contribute over fourteen percent of the totalenergy supplies in Pakistan. She said these projects have also paid abouttwo hundred and fifty million dollars in taxes during the constructionphase and have created over ten thousand jobs.
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She said all countries are welcomed to invest in special economic zones ofCPEC.
Responding to a question, the spokesperson said Pakistan has taken a wholerange of steps to meet the requirements of the FATF. He said we remainclosely engaged with the FATF members including the United States.
Aisha Farooqui said Pakistan welcomes US President Donald Trump’s mediationoffer on Kashmir dispute and hoped these will be translated into someactions.
