Showing posts with label cpec. Show all posts
Showing posts with label cpec. Show all posts

Monday, May 13, 2019

Why people in Pakistan are scared of speaking against China's CPEC project

International News

People and the media in Pakistan are scared of speaking against the multi-billion-dollar China Pakistan Economic Corridor (CPEC) as critical voices are being suppressed, treated as anti-national or branded as terrorists, a former Obama Administration official has told US lawmakers.
"Rarely will you read an article that's critical about CPEC in the Pakistani media. Very rarely. There's been a media capture essentially and there's only the CPEC narrative because people are scared or they've been intimidated or threatened not to do certain pieces," Shamila Chaudhary from the Johns Hopkins University School for Advanced International Studies said.

Testifying before a Congressional committee last week, Chaudhary, who served in the previous Obama Administration, told the lawmakers that at the very local level, people who critique CPEC are often labelled as terrorists.

"There are anti-terrorism laws that can be used against them. Worse things could possibly happen. So it's a very real threat and it has already done a lot of damage to the civil society and the democratic culture that's fairly vibrant, despite their country's history with democracy," she said.

Responding to questions from the lawmakers, Chaudhary said unlike America's soft power, the Chinese model of development does not increase people to people relationship.

"The Chinese don't have that and the Chinese nationals that are going to, say, Pakistan, for example, they're not there to become part of the culture or learn about the communities or have cross-cultural dialogue," she said.


 Chinese are in Pakistan to make money, she alleged. "They live in enclaves and essentially what people call Chinese colonies and go to their own restaurants. And that's not something that's going to favour China, Pakistan or China's cooperation with any country for that matter over the long run.

Monday, May 6, 2019

Pak moves a step closer to IMF bailout package after Imran overhauls team

International News
Pakistan moved a step closer to concluding a financial aid package with the International Monetary Fund after Prime Minister Imran Khan overhauled his economic team and chose a former official from the Washington-based lender as governor of the nation’s central bank.
Reza Baqir -- who served in senior positions at the IMF in past 18 years, including as the fund’s resident representative in Egypt -- was named head of the State Bank of Pakistan at the weekend. His predecessor Tariq Bajwa was fired along with the chief of the tax-collecting agency, Mohammad Jehanzeb Khan. Earlier in April, Finance Minister Asad Umar stepped down and was replaced by Abdul Hafeez Shaikh, a former World Bank official, as the prime minister’s adviser.
Shaikh and Baqir’s experience mean they “would be in a better position to translate the IMF’s message and communicate between the government and the fund comparatively easily,” said Muhammad Arif Habib, chief executive of Arif Habib Corporation.
Pakistan needs the financial aid to ease a balance-of-payment crisis triggered by high fiscal and current-account deficits and dwindling foreign exchange reserves. The South Asian nation has already taken 12 IMF support packages since the 1980s.
Loan Talks

 Shaikh is now negotiating what he called a reasonable loan package with the IMF’s team, led by mission chief Ernesto Ramirez Rigo, who is currently in Islamabad for talks with officials. Negotiations with the IMF have stalled twice in the past over various disagreements, such as the exchange rate policy. The IMF wants Pakistan to raise its tax-to-GDP ratio significantly and contain losses at public enterprises in order to plug financial gaps.Pakistan’s credit score was downgraded by S&P Global Ratings in February, which cited a weak economic outlook and the delay in securing an IMF bailout.