Misconceptions are being unfold about CPEC’s transparency: Asad Umar

Federal Minister for Planning, Development, and Initial Initiatives Asad Umar. Geo News screengrab
Federal Minister for Planning, Development, and Initial Initiatives Asad Umar. Geo News screengrab   

ISLAMABAD: Federal Minister for Planning, Development, and Initial Initiatives Asad Umar mentioned that fallacious opinions are being shared concerning the transparency of China Pakistan Economic Corridor (CPEC) tasks, Geo News reported Wednesday.

“Misconceptions are being spread regarding the transparency of CPEC projects, debt sustainability, and secret loans,” mentioned Umar whereas addressing a press convention together with Special Assistant to the Prime Minister on CPEC Khalid Mansoor.

The federal minister mentioned that the “world’s eyes are fixed on the CPEC, while the enemy wants to harm Pakistan”. 

In response to a latest report by a US-based suppose tank, Umar mentioned that China has facilitated some CPEC tasks by handing out loans to Pakistan “in terms of grant”.

However, he clarified that the loans had been granted on much less markup in comparison with the loans borrowed from different nations.

The federal minister mentioned that 74% of exterior loans have been taken from worldwide monetary establishments.

Denying all rumours concerning costly loans from China, the minister highlighted that energy tasks underneath the CPEC have a mean of 4% rate of interest, whereas the cumulative fee of curiosity on different Chinese loans is 4.25%.

Umar talked about that the federal government had shared all the small print of the loans associated to CPEC with the International Monetary Fund (IMF).

The federal minister mentioned that fallacious data results in misunderstanding, including “the reason for the increase in the current account deficit is not Chinese loans as China had provided various grants for different CPEC projects,” he mentioned.

Umar maintained that international media is spreading “incorrect information regarding CPEC” and urged the native media to query international experiences as an alternative of relaying data launched by them “without due verification and understanding.”

“The IMF is a part of the programme and all details regarding the projects under CPEC have been shared in the Parliament as well,” he mentioned.


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