CPEC PHASE-II: A Sanctify Inquiry.

Byline: Dr Mehmood Ul Hassan Khan

Despite ongoing political chaos and constant economic meltdown the incumbent government of Pakistan has now decided to start China-Pakistan Economic Corridor (CPEC) Phase-II which would be useful for averting economic decline and poor manufacturing in the country. It would start new imputes to sinking national industrialization and social development.

Many regional as well as international power brokers through different soft diplomatic means along with extraordinary harsh engagements and political statements have been forcing the country to stay away from the CPEC being a so-called debt trap. The sudden surge in the deadly activities of terrorism have also taken a toll on the initiation of CPEC Phase-II in the country which is badly hurting economic activities in the country and one of the main reasons for declining ratios of the FDIs.

Furthermore, serious budgetary and financial constraints of the ruling government has also mired the development of the CPEC projects and unfortunately delayed the execution of its phase-II which has been dubbed as catalyst for the economic development of the country.

Nevertheless, during his doom and gloom the Chinese government's constant and paramount socio-economic and geo-political support and geo-strategic comfort have been showcasing the true spirits of true friendship and iron-clad partnership of both the countries. The Chinese foreign ministry took the lead and urged the international community and organizations to assist Pakistan to come out of this ongoing economic saga.

Moreover, China has granted a one-year rollover of $2 billion in SAFE (State Administration of Foreign Exchange) deposits to Pakistan, which was going to mature by the end of the ongoing month. It was one of the International Monetary Fund (IMF) requirements for meeting external financing needs and progressing toward the long-awaited staff-level agreement.

Furthermore, Pakistan has received $500 million from the Industrial and Commercial Bank of China Ltd (ICBC) which has been treated as a friendly tranche. The Chinese Industrial and Commercial Bank of China Ltd (ICBC) has completed all formalities and approved the rollover of a $1.3 billion facility that Pakistan repaid in recent months.

Luckily, the CPEC Phase-I projects have created more than 150000 new jobs and supported women empowerment. More than 6000 MW of electricity and over 510 KMs new roads have been completed further enhancing the...