Pakistan does not have a ‘Chinese Debt Problem’

Chinese Ambassador to Pakistan, Nong Rong

Islamabad/Beijing, 7 October 2021 (TDI): Nong Rong, Chinese Ambassador in Pakistan, expressed gratitude to Asad Umar for his comments on CPEC.

Ambassador Nong tweeted to say thanks to Minister Umar for organizing a press conference to dispel any myths surrounding Pakistan-China relations in a reaction to the US report.

Asad Umar, Federal Planning Minister, claimed that the report is not accurate as CPEC has been responsible for rapid growth and development in Pakistan and has not contributed to a ‘Chinese debt problem’.

Asad Umar while talking about the project’s working asserted that CPEC is transparent and subject to parliamentary oversight.

Furthermore, he explained that reports are sent regularly to the Senate Committee on Planning as well as to the National Assembly body, and to the joint parliamentary body.

Moreover, he added that Pakistan receives information from the International Monetary Fund (IMF) about CPEC loans.

When the minister was asked about the CPEC energy projects, he stated that all information, including pricing, tariffs, and financing structures, was available on the NEPRA website.

In response to claims of ‘secret loans’, the minister suggested that the report may refer to the “sovereign warrants” given by the state as if these were ‘secret loans’ as the Central Power Purchasing Agency (CPPA) is a state-owned authority.