Home News Reports Debt ridden Pakistan cuts CPEC project investment by USD 2 billion

Debt ridden Pakistan cuts CPEC project investment by USD 2 billion

In the wake of the increasing debt burden on its economy, Pakistan has cut the ambitious Belt and Road Initiative (BRI) project by $2 billion in their land. Pakistan’s Railway Minister Sheikh Rasheed cited the country’s current debt levels as the foremost reason for the cut.

Islamabad is an integral part of the Chinese revamping of the colonial rail line. The $8.2 billion project is part of the bigger Belt and Road Initiative, stretching 1,872 km from Karachi to the city of Peshawar in the northwest. After the cut, the loan from China under CPEC for rail projects has dwindled to $6.2 billion. The CPEC that Pakistan loves to project as a ticket to economic growth and prosperity in their terror-infested land has long been predicted as potential debt trap for the country.

This is a fresh backlash for China, after its current trade war with the United States. US President Trump has accused China of maintaining an unjust wide made deficit with countries. To counter it, Trump administration has imposed $250 billion tariffs on Chinese imports.

- Advertisement - - Article resumes -

The US and other economic watchdogs have also warned countries getting involved with China’s BRI, as being a China’s aim of spreading its neo-colonial tentacles.

Sri Lanka had to hand-over its strategic port of Hambantota on a 99-year lease to China after it found it difficult to repay loans taken under the former PM Rajapaksa. This also raised concerns for India, as Hambantota can be used by China to eye Southern Parts of our country.

A similar fate was witnessed by Greece after it handed one of their busiest Port Piraeus to China.

The European Union is also worried about China’s expansionist and ulterior motives after China made it mandatory for European companies to transfer its technology ideas to China if they desired to invest in the land. EU also had reprimanded Greece, for misusing its forum to raise pro-Chinese rants.

Pakistan is succeeding Maldives and countries like Zambia, who have now realized the dangerous game of debts played by China. The Malaysian President had caused huge embarrassment to China after the declaration of cancelling $22 billion Chinese gas pipelines project and also warned against militarisation of South China Sea by China.

India was the first and one of the only countries to openly reject the Belt and Road Initiative of China.

Share This Post With Your Friends & Fans:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.

Election 2019 Final Tally

Check the final seat tally and other post election coverage

A tribute to OpIndia’s fallen star

On 13th May 2019, Devandhu Rajput succumbed to cancer.

The Left has lost its deposit. It is time for the Right to fight Modi

Modi 2.0 heralds a new beginning for India and her people. It must not be allowed to cultivate the habits of Modi 1.0.

Smriti Irani’s aide in Amethi shot dead, his son says some Congress workers were not happy with BJP’s ‘Vijay Yatra’

Smriti Irani had defeated Rahul Gandhi on his home turf of Amethi in Uttar Pradesh by a margin of 55,120 votes
NYT peddles Modi 2.0 as victory of India's most divisive leader

Dear New York Times, India has chosen Modi 2.0, deal with it

When India gives a thumping, unprecedented, overwhelming victory to a man who has made every single Indian feel proud of their nation and heritage, the NYT's heartburn is expected. 

Meerut: Communal tension after a video showing Muslim men beating up shopkeepers goes viral

A viral video where Muslim men are beating up a shopkeeper has triggered communal tensions in Meerut

Rajdeep Sardesai thinks Narendra Modi should thank Masood Azhar, among others, for BJP’s victory

As a long term Congress loyalist media person, Rajdeep Sardesai is yet to come to terms that Modi won a second term with thumping majority

Rahul Gandhi upset that senior Congress leaders didn’t shout ‘Chowkidar Chor Hai’ enough, lashes out on them for party’s defeat

Amusingly, though Rahul Gandhi had indeed offered to resign, the CWC, that is chaired by himself, had unanimously rejected the resignation and asked him to reconstruct the party

Left has failed, but the ‘Right’ does not understand Modi as well

With the left looking irrelevant, the right needs to get its act together.

Congress-friendly journalist Pallavi Ghosh calls out her own channel for reporting ‘wrong news’ about the Gandhis

Senior journalist Pallavi Ghosh just accused her own channel of spreading fake news
Subscribe to Day's Top Stories

Latest articles

Connect with us

Share This Post With Your Friends & Fans: