There are signs of discomfort and uneasiness in both countries amid the slow progress of the China-Pakistan Economic Corridor (CPEC) project. In a report, it is claimed that in the recent meeting on this project, Pakistan (Pakistan) has got frustrated because of funding from China.
According to some international publications, Pakistan also wanted to include some more projects in the second phase of CPEC. But the Chinese authorities have refused to promise any funding.
Apart from this, Pakistan has also failed to get other loans at a discounted rate. Pakistan wanted it to get a loan at a discount rate of 1 percent, but China also denied it. Actually, China wants Pakistan to give a mixed loan of both commercial and concessional for the rail project. And for this, China also wants a big guarantee from Pakistan. The report says that there was a clear unease between Pakistan and China about the project. Probably, confidence in Pakistan has also decreased in China.
China Pakistan Economic Corridor project facing delay. Source: Hindustan Times
According to the report, many such projects in China in Pakistan are still hanging in the balance. The value of these projects has been stated to be about 1200 million US dollars. Despite a lot of publicity, there is hardly any big Chinese investor who wants to invest in the Special Economic Zone made under CPEC.
Apart from slowing the pace of the project, another problem is that there is no good coordination between the agencies of the two countries. Now the perception is spreading in Pakistan that the country has not benefited from CPEC in reality. Recently, the Special Committee of the Senate on Pakistan's CPEC has surprised everyone by saying that the country does not manage such an enormous project. The committee has said in the report that the planning ministry of the country has no vision about this project.