Islamabad: Speaking at a national webinar on Saturday, the experts feared that the China-Pakistan Economic Corridor (CPEC) might become a debt trap if the authorities did not efficiently actualize the targets of the game-changer initiative. The institutions, experts and the public at large are still unclear about the scope and targets of the CPEC where the Pakistan government has committed billions of dollars to pool in on high rates of interest.
They said a fact-based narrative building is very important while the enemies and unwise friends are spreading rumours for their own vested interests and to malign the CPEC initiatives. One-window operation shall be the backbone of the agricultural and industrial phase of the CPEC which should be handled by the relevant and expert human resource.
Development Communications Network (Devcom-Pakistan) and DTN jointly organized the webinar on Saturday. The panel of experts included Advisor to President National Defense University (NDU) and former Ambassador Maj General (r) Raza Muhammad former Project Director CPEC with the Planning Commission of Pakistan and presently CEO KP Board of Investment Hasan Daud Butt, the NASCOM Director and Former Executive Director CPEC Centre of Excellence, Pakistan Institute of Development Economics (PIDE) Dr. Shahid Rasheed, Director CPEC Study Centre SDPI Shakeel Ramay, development experts Dr Zahoor Bazai (Quetta) and Dr Khushboo Ejaz (Lahore), and Executive Director Devcom-Pakistan Munir Ahmed.
General Raza Muhammad said CPEC is a ray of hope for the economic prosperity of Pakistan that could play a pivotal part in the future known as the Asian century. We need to make the CPEC projects more transparent and efficient if inspired to achieve the targets and harness the economic benefits. A rational narrative is imperative to wipe off the ambiguity and rumours by engaging parliamentarians and media counter offensive campaigns.
Hassan Daud Butt mentioned that as many as 22 projects have been completed so far despite an eighteen months delay due to political disruption. Federal governments need to revive the monthly meetings of the CPEC stakeholders and the periodic meetings of the seven joint working groups to improve efficiency. The CPEC is indeed a game-changer but it could be debt trap if not taken seriously and worked hard to achieve the targets of the project in time. The CPEC authority shall have more powers and authority to combat the challenges and bottlenecks.
Dr. Shahid Rasheed said the CPEC improved Pakistan’s GDP to 5.7 percent in 2018 from 3.3 percent in 2013, and also improved the security situation. The COVID-19 and the political instability has marred the performance of the CPEC in recent years. But, a reborn of the CPEC would bring much better benefits to the nation.
The parliamentarians of both sides shall work in harmony for an inclusive CPEC authority that is much needed in the new phase of the CPEC to invigorate agriculture and industrialization around the CPEC.
Shakeel Ramay said Pakistan needs to understand that it is one of the 139 countries that have signed the Belt and Road Initiative (BRI) and we show sluggishness the investors would to other parts of the BRI. Speed of work matters in the international development projects but we are lagging behind the schedule of development because of very casual behaviour. Unfortunately, the government could not project the economic benefits of the CPEC. Rumours are in the air without any check. We need to have an empowered CPEC authority.
Devcom-Pakistan Executive Director Munir Ahmed said that he was the one who proposed an inclusive and empowered CPEC authority in his interview with the China Global Television Network (CGTN) way back in May 2018. Only the strategic partners could understand the importance of the CPEC initiatives while politicians have no idea about the strategic and socioeconomic culmination of the project. Many have been projecting it as a debt trap. Every investment and loan has the capacity to become debt if not used efficiently. We need to develop the CPEC narrative according to its objectives and targets beyond the political scoring and vested interests of the individuals and the interests groups.
Dr Zahoor Bazai asked to prioritize the engagement of the locals in the projects and also ensure environmental integrity through adequate Environmental Impact Assessments (EIAs).
