CPEC is a mega project between Pakistan and China which would help modernize Pakistani economy and infrastructure. The project is in its final stages. Both the countries are concluding the long term plan for CPEC as acknowledged by a Pakistani and Chinese diplomat in a recent event. The signing of CPEC agreement would take place on the sidelines of ‘Belt and Road Forum for International Cooperation’. Prime Minister Nawaz Shareef is expected to meet with Chinese President Xi Jinping on May 13 for the absolute settlement of this pact. Jian Han the Political and Press Counselor at the Chinese Embassy said in a recent conference that once CPEC Plan is finalized this year, implementation would start soon. 2017 and 2018 would be critical years for construction of economic and developmental projects decided by both the neighboring countries.
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CPEC, a good deal or not?
The visible benefit of CPEC is growth of infrastructure and development of power projects in Pakistan. Projects in Gawadar city, construction of better roadways and railways, reconstruction of Karakoram highway indicates a promising future for Pakistan. The venture looks too good to be true, and here we will talk about the loophole. The expansion requires money; China is offering money to Pakistan as a loan with 27% interest rate. In clear words Pakistan would be forever in debt. So is CPEC a good deal or a bad deal, a question yet unanswered.
Image via: Daily times