Chinese Vice PM reaches Islamabad on a three days visit

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2023-07-31T05:30:21+05:00 News Desk

Chinese Vice Premier He Lifeng has reached Islamabad on Sunday evening on a three days official visit, reported 24NewsHD TV channel.

The Chinese vice prime minister was due in the Pakistan capital today where he will mark the 10th anniversary of a mega economic plan that is the cornerstone of Beijing's Belt and Road Initiative.

Since its initiation in 2013, the China-Pakistan Economic Corridor (CPEC) has seen tens of billions of dollars funnelled into massive transport, energy and infrastructure projects.

But the project has also been hit by Pakistan struggling to keep up its financial obligations, as well as attacks on Chinese targets by militants.

"After a decade since its inception, CPEC has shown mixed results," said Azeem Khalid, assistant professor of international relations at COMSATS University Islamabad.

"The primary goal of connecting China with the Arabian Sea is still relatively low in achievement for China. On the other hand, Pakistan has made notable progress in achieving short-term objectives."

In recent years Beijing has been one of Islamabad's most reliable foreign partners -- readily providing financial assistance to bail out its often struggling neighbour.

Earlier this week, Beijing granted Pakistan a two-year rollover on a $2.4 billion loan, giving the debt-saddled nation much-needed breathing space as it tackles a balance-of-payments crisis.

An IMF report last year said China and its commercial banks held about 30 percent of Pakistan's total external debt.

 

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