Pakistan rejects Indian criticism on CPEC bus service
- by Claude Bryan
- in Markets
- — Nov 3, 2018
"Though China is Pakistan's closest ally, Khan's newly elected government has sought to re-think the two countries' signature project, the $60 billion China-Pakistan Economic Corridor (CPEC), which Beijing touts as the flagship infrastructure program in its vast Belt and Road Initiative", Reuters pointed out. He said his party had been in power for only two months and had inherited a hard economic situation.
"Countries go in cycles".
The Prime Minister described his visit to China as a great opportunity and said that Pakistan Pavilion at Shanghai International Import Expo would be exhibiting Pakistan's export items.
Pakistan secured a $6 billion rescue package from Saudi Arabia, but Islamabad still needs a bailout from the International Monetary Fund (IMF) to prevent a balance of payments crisis. He said that we are neither surprised nor did we expect anything substantial to be delivered there, because of the mindset India prefers to be in denial mode since the tragedy of Kashmir was born in 1947. Unfortunately, our country is going through a low point at the moment with two very big deficits, a fiscal deficit and a current account deficit.
"Therefore, any such bus service through Pakistan-occupied Jammu and Kashmir will be a violation of India's sovereignty and territorial integrity", Kumar said.
State Councillor Wang Yi, the Chinese government's top diplomat, reportedly told Pakistani Foreign Minister Shah Mahmood Qureshi in a separate meeting: "The Chinese side will continue to provide support and help to the best of its ability for Pakistan's economic and social development and national construction".
Earlier during his visit to Saudi Arabia, Riyadh committed United States dollars 6 billion funding which included USD 3 billion deferred payment for oil imports.
Pakistan overturns Christian woman’s blasphemy death sentence
Critics of the blasphemy law have said it is used to settle personal scores or to attack minority communities. A trial court sentenced Bibi to death on complaints that she had insulted Islam and the prophet Muhammad.
"China-Pakistan cooperation not only benefits both peoples but also contributes to regional and world peace, stability and development", Xi said. The two sides will also sign several agreements and MoUs of Cooperation in diverse fields.
Pakistan has said the project isn't a major contributor to Pakistan's debt or a cause of the "financial difficulties it faces now faces", Lu said, adding that discussions will focus on "how to better drive forward with the building of the project".
Analysts said Khan would push for financial assistance from Beijing, an important creditor of Pakistan, during the visit.
From Beijing's point of view, Pakistan's criticism of the project was a shocker, especially after China's takeover of Sri Lanka's Hambantota port on a 99-year lease as a debt swap.
India has lodged a protest with Pakistan and China over a bus service set to be launched today between Lahore and Kashghar - a city in the Xinjiang Uyghur Autonomous Region in China's far west - through the Pakistan-occupied Kashmir (PoK).
"China wants to avoid such transparency because exposing the terms of the CPEC project agreements could validate the U.S. criticism of the Belt and Road Initiative (BRI) as a debt trap for emerging economies", the Post report said.
