CPEC Progress Hampered by Previous Administration
Pakistan Prime Minister Shehbaz Sharif on Wednesday expressed his disappointment in the previous government’s handling of the China-Pakistan Economic Corridor (CPEC), a USD 60 billion project that has been a cornerstone of China and Pakistan's alliance.
Pakistan Prime Minister Shehbaz Sharif on Wednesday expressed his disappointment in the previous government’s handling of the China-Pakistan Economic Corridor (CPEC), a USD 60 billion project that has been a cornerstone of China and Pakistan's alliance.
Speaking at a ceremony to mark the 10th anniversary of the signing of the CPEC, Sharif accused the previous administration led by Imran Khan of deliberately halting progress and damaging ties with China, Pakistan’s all-weather ally.
The CPEC was launched in 2013 as part of the Belt and Road Initiative (BRI) and aimed to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes.
China has invested USD 25.4 billion into various projects under the CPEC to help transform the development landscape of Pakistan, and Sharif expressed his gratitude to Chinese President Xi Jinping for his country’s unwavering support.
Unfortunately, the previous administration led by Khan had created misconceptions around the CPEC and as a result, the project’s implementation had been slow. Sharif noted that the present coalition government had made sincere efforts to strengthen the relationship with China.
Pakistan today celebrated the completion of the Decade of China-Pakistan Economic Corridor, a transformational project that has been pivotal to Pakistan's socio-economic development. The last 10 years is an inspirational story of how President Xi Jinping's vision of "Iron…
— Shehbaz Sharif (@CMShehbaz) July 5, 2023
India has long been critical of the CPEC, as it is being laid through the Pakistan-occupied Kashmir (PoK). India has also expressed its opposition against the BRI, citing concerns over China’s debt diplomacy of extending huge loans to smaller countries for unsustainable infrastructure projects.
Pakistan and China’s relationship has been an important factor in Pakistan’s economic progress in the region and the world. The CPEC has been a pivotal part of this bond, and despite the setback caused by the previous administration, the project is still going strong.
The prime minister concluded the ceremony by expressing his hope that the IMF would give its final approval of the staff-level agreement at its board meeting on July 12. In conclusion, the CPEC has been a major success for Pakistan and China, and despite the damage inflicted by the previous administration, the project is still making strides.
The prime minister has expressed his hope that the IMF will soon approve the staff-level agreement, allowing the CPEC to continue to make a positive impact on the development landscape of Pakistan.