CPEC is a transformational project, contributing to the socio-economic development of Pakistan: MOFA

ISLAMABAD: Pakistan on Friday said it was engaged with China in prompting peace, development and stability in the region, and believed that regional economic connectivity would provide a critical stimulus for creating broad-based growth.

The Foreign Office in a statement mentioning Pakistan and China as ‘All-Weather Strategic Co-operative Partners’ said the two countries were engaged in prompting peace, development and stability in the region based on the principles of mutual respect, mutual benefit, win-win cooperation and shared development.

“Our ties are based on deep mutual trust and understanding,” it stressed, adding economic development and long-term prosperity of the people was the government’s top priority.

The Foreign Office described CPEC, a flagship project of BRI, as a “transformational project contributing positively and transparently to Pakistan’s national development.”

“Pakistan believes that regional economic connectivity will provide a critical stimulus for creating broad-based growth across the region,” it said.

It emphasized that Pakistan had reiterated many times that its total public debt relating to CPEC projects was less than even 10 percent of the total debt.

Moreover, the public debt obtained from China had a maturity period of 20 years and the interest was 2.34 percent. If grants were included, the interest value slides down to about two percent, it added.

The Foreign Office said the claims made by some of the commentators and public officials on Pakistan’s debt obligations relating to CPEC were contrary to facts.

It stressed that CPEC, a long-term project, had helped address development gaps in energy, infrastructure, industrialization, and job creation.

“Pakistan and China have several mechanisms to discuss matters of mutual interest. Both countries are regularly in touch to address those issues bilaterally,” the statement concluded.