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Former Pakistan official blames China for economic woes over CPEC
Pakistan is a country that is having a hard time with money right now.
The government owes a lot of money, and its debt went up to a record $290 billion recently.
A top tax official named Shabbar Zaidi said he thinks China is the reason Pakistan has money problems.
He said Pakistan should stop doing business with China so its economy can get better.
Years ago, China and Pakistan started a big building project together called CPEC.
They planned to build roads, railways, and power plants using money from China.
But many of those plans never finished, and people say the project did not work well.
Out of 90 planned projects, only 38 are done, 23 are still being built, and the rest have not started.
Pakistan also asked the United States for $10 billion to help fix its money troubles.
At the same time, Pakistan's leaders disagree about how to run the country, which makes things even more uncertain.
Former Federal Board of Revenue chairman Shabbar Zaidi blamed China for Pakistan's economic troubles, saying ending economic ties with China would help revive the economy.
Zaidi said he opposed the China-Pakistan Economic Corridor from day one, calling it 'a drama' and saying nothing would come out of it.
Only 38 of 90 projects planned under CPEC have been completed, 23 remain under construction, and work on the rest has not begun; the Gwadar East Bay Expressway (2022) was the last major completion.
Pakistan's central government debt hit a record $290 billion in June, and the country recently approached the United States for a $10 billion Exchange Stabilisation Facility.
Interior Minister Mohsin Naqvi, whose remarks were quickly backed by the Pakistani military, said the existing governance structure had collapsed and proposed more provinces, fuelling speculation about differences between Army Chief Asim Munir and the Sharif family.
- Who
- Shabbar Zaidi, former Federal Board of Revenue chairman; other key figures include Interior Minister Mohsin Naqvi, Army Chief Asim Munir, former Prime Minister Imran Khan, and Pakistan Peoples Party chairman Bilawal Bhutto Zardari.
- What
- Zaidi blamed China for Pakistan's economic crisis and said the China-Pakistan Economic Corridor failed to deliver on its promises of investment and infrastructure.
- Where
- Pakistan, including the Gwadar port in Balochistan; Pakistan also approached the United States for financial assistance.
- When
- Zaidi spoke at a recent event; CPEC was launched in 2015, and record $290 billion debt was reported in June.
- Why
- Because Pakistan faces a worsening economic crisis, record debt, and mounting political instability over governance.
Critics and change advocates
Incumbent establishment
Blame for the economic crisis
Critics and change advocates
Zaidi says China is to blame for Pakistan's economic troubles and that cutting economic ties with China would revive the economy, calling CPEC 'a drama.'
Incumbent establishment
CPEC was promoted as a game changer that would bring billions of dollars in investment and build roads, railways, and energy infrastructure across Pakistan.
New provinces and governance structure
Critics and change advocates
Interior Minister Mohsin Naqvi, backed by the Pakistani military, says the existing governance structure has collapsed and proposes creating more provinces or administrative units.
Incumbent establishment
The Pakistan Muslim League Nawaz has traditionally opposed the creation of new provinces, and the developments fuelled speculation about differences between Army Chief Asim Munir and the Sharif family.
Key facts
- Accuser
- Shabbar Zaidi, former Federal Board of Revenue chairman
- CPEC launched
- 2015, during Xi Jinping's visit to Pakistan
- CPEC projects
- 38 of 90 completed; 23 under construction; rest not started
- Last major CPEC project
- Gwadar East Bay Expressway (2022)
- Central government debt
- $290 billion record (June)
- US assistance sought
- $10 billion Exchange Stabilisation Facility
- Governance proposal
- New provinces proposed by Mohsin Naqvi, backed by the military
Quotes
Shabbar Zaidi
Former Federal Board of Revenue chairman
“If there is any person in Pakistan who is against CPEC from day 1, it is Shabbar Zaidi. I said 25 years ago that it is a drama & nothing will come out of it”
wionews.com
Sources
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