Lack of transparency in CPEC could foster corruption, resulting heavier debt burden for Pakistan: Alice Wells

Updated:5 years, 11 months ago

Washington DC (USA), Nov 22 (ANI): US Acting Assistant Secretary for South and Central Asian Affairs Alice Wells on Thursday deemed China-Pakistan Economic Corridor (CPEC) not an aid to Pakistan but form of financing ensuring guaranteed profits for Chinese enterprises, a form of financing ensuring guaranteed profits for Chinese state-owned enterprises, and pointed out that the multi-billion dollar project is certain to take a toll on Pakistan's economy at the time of the repayment of the debt and dividend in the coming years. Speaking at an event at the Wilson Center here on China's Belt and Road Initiative (BRI) in South and Central Asia, Wells said that the lack of transparency in the CPEC could foster corruption and increase the project cost, thereby resulting in an even heavier debt burden for Pakistan. Because it is clear or needs to be clear that CPEC is not about aid, this is almost always the form of loans or other forms of financing, often non-concessional with sovereign guarantees or guaranteed profits for Chinese State-owned enterprises that are repatriated to China," Wells said. "Now together with non-CPEC Chinese debt payment, China is going to take a growing toll on Pakistan's economy, especially when the bulk of payment starts to come due in the next four to six years. Even if loan payments are deferred they are going to hang over Pakistan's economic development potential, hamstringing Prime Minister Khan's reform agenda. The lack of transparency can increase CPEC cost and foster corruption, resulting in an even heavier debt burden for Pakistan," she added.

Top Videos

Updated:4 years, 9 months ago

Pan-India dry run for COVID vaccine tomorrow: Harsh Vardhan

Updated:4 years, 9 months ago

PM Modi joins world leaders in condemning US Capitol siege

Updated:4 years, 10 months ago

Indo-Japan Samvad: Buddha’s message spread out from India to world, says PM Modi

Updated:4 years, 10 months ago

Centre preparing with states for past 4 months for COVID-19 vaccination: Harsh Vardhan

Updated:4 years, 10 months ago

In Jan, India may be in position to give 1st COVID vaccine shot: Harsh Vardhan

Updated:4 years, 10 months ago

Worst is over but still need to be cautious: Health Minister on COVID-19 cases in India

Lack of transparency in CPEC could foster corruption, resulting heavier debt burden for Pakistan: Alice Wells

Top Videos

Related Video

IAF participates in 70th anniversary of Sri Lankan Air Force

India reiterates support to South Sudan in ensuring peace, progress

Germany: Free Balochistan Movement protest against enforced disappearances in Balochistan

Pakistani rights activist demands release of her father Professor Muhammad Ismail

Pashtun activist blames Pakistan for sheltering dreaded terrorists

India slams Pak at UNHRC for its malicious propaganda against the country

Vaccine Maitri: 'Made in India' COVID vaccines arrive in Saint Lucia, Saint Vincent and the Grenadines

Restoration work at Seto Macchindranath Temple in Nepal begins with India's support

Indian diaspora holds Tiranga Car Rally in Canada to support new Farm Laws

Guatemala President thanks India for donating 2 lakh vaccine doses

India at UN urges Myanmar to resolve differences in peaceful, constructive manner

Burnaby (Canada), Feb 26 (ANI): Some people of Indian origin staged a protest outside NDP MP Jagmeet Singh's office in Canada's Burnaby. They said that they are being targetted by Khalistan supporters

Positive step will provide opportunity for further dialogue: UN on India, Pak joint statement

Nirav Modi will be extradited to India, orders UK court

Nepal President participates in 'Kshama Puja', inaugurates new 'Jalahari' at Pashupatinath Temple

EAM Jaishankar meets Uzbekistan counterpart in Delhi

India rejects Pak’s criticism of human rights situation in J&K at UNHRC

Celebrations in Nepal after Supreme Court reinstate House of Representatives

Chinese community hold anti-CCP car rally in Canada

Mauritius PM highlights significance of CECPA signed by India