‘Pakistan expecting another $42bn investment from China under CPEC’

Dismissing the allegations that the government is weakening China Pakistan Economic Corridor (CPEC), Information Minister Fawad Chaudhry has said that Pakistan is anticipating another additional $42 billion in terms of investment from China.

Speaking to a private news channel, the information minister brushed off the opposition's accusations against the government of ‘weakening’ CPEC project. “We have decided to expand CPEC, one of the ways to achieve it if other countries invest in the project. We are anticipating another additional $42bn in terms of investment from China,” said Chaudhry.

The investment would be utilized in providing expertise, building industrial zones, Gwadar port development and different power and infrastructure projects, informed the minister.

The opposition lawmakers in Senate accused on Monday the government of trying to 'weaken' the China-Pakistan Economic Corridor (CPEC) and asked why the Parliament was not taken into confidence prior to offering a third country to join the multibillion dollar project.

"It appears - one feels as the incumbent government is rethinking CPEC programs and if media reports are juxtaposed with the statements from the Foreign Office, an impression is emerging that efforts are underway to dilute the project," claimed Pakistan Peoples Party Senator Raza Rabbani .

Meanwhile, the Information Minister was of the view that the government will complete all projects signed by the predecessor Pakistan Muslim League Nawaz’s govt with China under CPEC.

On Monday, the government cut the size of the biggest Chinese "Silk Road" project in Pakistan by $2 billion, Railways Minister Sheikh Rasheed said, citing government concerns about the country's debt levels.

The changes are part of Islamabad's efforts to rethink key Belt and Road Initiative projects in Pakistan. "Pakistan is a poor country that cannot afford huge burden of the loans," Rasheed told a news conference in the city of Lahore.

"Therefore, we have reduced the loan from China under CPEC for rail projects from $8.2 billion to $6.2 billion," he added, referring to the CPEC.