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Asad Umar, “The world’s attention are riveted on CPEC”

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Asad Umar, “The world’s attention are riveted on CPEC”

The eyes of the world are on the China-Pakistan Economic Corridor (CPEC) and the enemy wants to harm Pakistan.
Federal Minister for Planning, Development and Initiatives Asad Omar said on Wednesday that the world’s attention was focused on the China-Pakistan Economic Corridor (CPEC) and the enemy wanted to destroy Pakistan.

During a joint news conference on C-Pak with Special Assistant to the Prime Minister Khalid Mansoor, Omar said that misunderstandings were being spread on the transparency of C-Pak projects, debt sustainability and hidden loans.

He added that in response to a recent study by a US research group, “China has lent to Pakistan and helped in many CPEC projects,” adding that these loans were comparable to those obtained from other countries. Were provided with low markup.

According to the federal minister, foreign financial institutions provided 74% of external loans.

Rejecting all rumors about high cost Chinese loans, the minister pointed out that the average interest rate on power projects under C-Pack is 4% while the overall interest rate on other Chinese loans is 4.25%.

According to Omar (IMF), the government provided all information on C-Pack-linked loans with the International Monetary Fund.

According to the federal minister, misinformation leads to confusion, and “the increase in the current account deficit is not due to Chinese debt,” as China has offered a number of funds for various C-Pack projects.

Omar said foreign media was spreading “misinformation about CPEC” and called on local journalists to investigate inappropriate news instead of transmitting it “without proper verification and understanding”.

The IMF is part of this initiative, and all data on CPEC projects is available.

He said that the IMF is part of the program and all the details related to the projects under C-Pack have also been shared in Parliament.

 

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