Pakistan Hopes for Loans
CPEC ordained ML-1 project approved by ECNEC for USD 10 billion.
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China’s plans for Pakistan have taken the backseat in the past few years. Due to differences in priorities, and different foreign agendas, CPEC has not been manifested yet. The multi-billion dollar project hasn’t seen many practical declarations.
One of the primary aspects of the economic corridor is Pakistan Railway’s Mainline-1 project. By utilizing the railway net, China planned to use freight services to transport trade material from Gwadar to the rest of the world. In addition to that, tourism and employment are highlights of the project.
Prior to Pakistan’s official visits to China, an emergency meeting was called by the Executive Committee of the National Economic Council to approve a whopping budget of USD 11.3 billion for Pakistan Railway’s project. Additionally, Karachi’s Circular Railway was also included in the agenda.
However, the 1700km route relies on hopes of China releasing funds for its fulfillment. Pakistan plans to finance 85% of the plan. Instead of going towards a public-private partnership route, Pakistan’s new plan remains unpromising. PKR's recent performance and rising political instability in the country have put Pakistan in a vulnerable spot in front of China.
GRAPHICS OF THE DAY
CPEC's Investment Breakdown
Total Estimated/Actual Employment due to CPEC in Pakistan
INSTAGRAM POSTS
SBP's forex reserves increased by 19.8% week-on-week — www.instagram.com
⚫ SBP's forex reserves were recorded at USD 8.912 billion, compared to USD 7.439 billion on October 21, 2022
⚫ The disbursement of USD 1.5 billion from the ADB has helped in increasing the foreign exchange reserves of Pakistan
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Pakistan’s multidimensional poverty decreased the least among other South Asian countries, according to Global Multidimensional Poverty Index 2022 — www.instagram.com
⚫ Multidimensional poverty has decreased the most in India and the least in Pakistan
⚫ The most common profile affecting 3.9% of poor people (globally) includes deprivations in exactly four indicators: nutrition, cooking fuel, sanitation, and housing, the highest percentage of people in Pakistan are deprived in the indicators of cooking fuel (31.2%), and housing (30.6%)
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What Else We’re Reading
It’s the fault of climate change: Pakistan seeks ‘justice’ after floods (Financial Times)
Digital freedom under threat again (Profit)
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