China reluctant to clear USD 6 billion loan for CPEC project ANI | Updated: May 09, 2021 14:33 IST
Islamabad [Pakistan], May 9 (ANI): China has shown reluctance to clear a USD 6 billion loan for the single largest project under the China-Pakistan Economic Corridor (CPEC) due to the growing concern over mounting debt.
The cost of the Mainline-I (ML-I) railway project was initially USD 9 billion but later it was reduced gradually to USD 6.8 billion. According to a report in The Express Tribune, Chinese authorities are wary of Pakistan s ability to service its debt. Beijing conveyed its concerns during a meeting held on March 30 to discuss financing modalities of the project, the Pakistan government officials said as per the report.
Why Biden won’t engage with Pakistan
May 7, 2021 US President Joe Biden
When Joe Biden assumed the US presidency in January, many in Pakistan hoped for a bilateral reset. Three months on, there is no such rapprochement in sight as the new administration in Washington delivers perceived snubs rather than engaged olive branches to Islamabad.
Officials claim the US has ignored Pakistan’s hopeful outreach, despite the critical role Islamabad has played in persuading the Taliban to negotiate with the US in a peace process that appears to be headed towards a settlement in neighboring Afghanistan.
Despite that crucial initiative, one that aims to end America’s so-called “endless war”, President Biden has not personally spoken to Prime Minister Imran Khan since the former assumed power, according to Pakistani officials familiar with the situation.
Read more about China reluctant to clear $6 bn loan for CPEC project as debt rises on Business Standard. China has shown reluctance to clear a $6 billion loan for the single largest project under the China-Pakistan Economic Corridor (CPEC) due to the growing concern over mounting debt
China reluctant to clear USD 6 billion loan for CPEC
ANI
09 May 2021, 19:18 GMT+10
Islamabad [Pakistan], May 9 (ANI): China has shown reluctance to clear a USD 6 billion loan for the single largest project under the China-Pakistan Economic Corridor (CPEC) due to the growing concern over mounting debt.
The cost of the Mainline-I (ML-I) railway project was initially USD 9 billion but later it was reduced gradually to USD 6.8 billion. According to a report in The Express Tribune, Chinese authorities are wary of Pakistan s ability to service its debt. Beijing conveyed its concerns during a meeting held on March 30 to discuss financing modalities of the project, the Pakistan government officials said as per the report.