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Pakistan heading towards a debt default? Best friend China thinks so

Discussion in 'South Asia & SAARC' started by Marqueur, Feb 21, 2017.

  1. Marqueur

    Marqueur Peaceful Silence ELITE MEMBER

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    Capital suggestion


    CPEC



    November 9, 2014: PM Nawaz Sharif met China’s President Xi Jinping and Premier Li Keqiang at the Great Hall of the People in Beijing. Pakistan and China signed a total of 19 agreements, including the ‘CPEC Energy Projects Cooperation’ agreement. The total committed amount under CPEC is said to have gone up to $50 billion, of which $35 billion is being allocated for energy projects and the remaining $15 billion for infrastructure.

    February 4, 2017: The Ministry of Water and Power submitted financing details of eight power sector projects being built under CPEC to the National Assembly’s Standing Committee on Planning and Development. For the record, this is the first time that such financing details have been made public.

    Projects: Engro Powergen Thar Coal-II, Port Qasim Power Plant, Thar Coal Power Plant, Hubco Coal Power, Thar Energy Limited, Sahiwal Coal Power, Suki Kinari Hydro and Karot Hydro. The projects will have a cumulative generating capacity of 7,680MW and will cost a total of $12.5 billion. Of the $12.5 billion roughly $9.5 billion will be debt and the remaining will be contributed as equity by the sponsors.

    Financing cost: The Ministry of Water and Power disclosed that the debt amount of $9.5 billion shall carry an interest rate of LIBOR (London Interbank Offered Rate) plus 4.5 percent. In effect, the Chinese loan shall bear an interest rate of 6.21 percent (as the current one-year LIBOR hovers around 1.71 percent). Additionally – and amazingly – the Beijing-based China Export & Credit Insurance Corporation will charge an insurance premium of 7 percent (even though the Government of Pakistan has guaranteed to purchase each and every unit of electricity that will be generated).

    Return on equity: The return on equity in the Sahiwal Coal Power Project “shall be 27.2 percent” and the return on equity in the 1,320MW Thar Coal Power – by Shanghai Electric Power – stands at 34.49 percent. For the record, these dollar-denominated, Government of Pakistan-guaranteed rates must be among the highest on the face of the planet-and an investor’s dream come true.

    Financing burden: The annual financing burden for these eight projects will be around $2 billion plus an insurance premium of $650 million. And assuming that the entire amount of $35 billion is utilised for energy projects the annual financing burden shall go up to $5.3 billion plus an insurance premium of $2 billion (Budget 2016-17 allocated a total amount of $1.1 billion as ‘mark-up on foreign debt’).

    National Savings Schemes: The Government of Pakistan’s guaranteed Bahbood Savings certificates for Pakistan’s widows and senior citizens are being paid 9.36 percent. Then why has the Government of Pakistan guaranteed Chinese and Qatari investors up to 13 percent (first year) on debt and up to 34 percent on equity?

    China’s investments in the US: For the record, China has invested more than $1.2 trillion (trillion not billion) into US Treasury instruments earning an average of 1.9 percent a year. Then why is Chinese money invested in Pakistan earning up to 13 percent (first year) on debt and up to 34 percent on equity?

    Cost of electricity: The cost of electricity produced by power projects – projects that will be paying a high rate of interest on debt and up to 34 percent return on equity – will be one of the highest on the face of the planet. The mother of all questions is: what will we do with such expensive electricity? Is it a case of ‘privatising gains, socialising risks’?

    The writer is a columnist based in Islamabad.

    Email: farrukh15@hotmail.com. Twitter: @saleemfarrukh
    LINK--- https://www.thenews.com.pk/print/187350-Capital-suggestion
     
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  2. Marqueur

    Marqueur Peaceful Silence ELITE MEMBER

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    challenge already accepted ... activation of baloch activist( attacks on convoys) ... indus water treaty will be in garbage (in turn hydro electric proj. in pak r in limbo ) ... giving free hand to army along LOC ... breaking backs of anti nationals in India by Demonetization ... etc etc
     
  3. lca-fan

    lca-fan Major SENIOR MEMBER

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    US didn't suffered any catastrophe to its economy due to its currency dollar which it can print as much as it wants as it is world currency and all countries hoard dollar as Forex reserves to buy crude oil and so are not facing any problem. Here I want to tell you that US was Bankrupt by 1970 and was about to go bust due to arms race with Russia but one master stroke by them to hedge Dollar against crude oil with the help of Saudi Arabia and other Arab countries saved them from going bankrupt as now their currency got converted into petro dollar. This leeway is not available to China, though China did tried for that and topple dollar from its position. Had china been successful you could have said that but not with the conditions prevailing now. It is only a matter of time before goes turtle.
     
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  4. IndiranChandiran

    IndiranChandiran BANNED BANNED

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    I don't think so.If you're referring to low level attacks on PA armed convoys or a few low intensity IED's going off in Baloochistan , then it's been happening since a long time .That hardly suggests Indian involvement .

    As far as the IWT goes, it's going to business as usual .We aren't going to disturb the treaty.At least not now.If we can utilize our share of the IWT ( read build dams on the three eastern rivers to water J&K apart from Punjab & Haryana apart from hydro electric projects ) we'd be damaging Pak interests quite a bit as the waters from these rivers flows freely to the Arabian sea irrigating Pakistani lands on the way .

    The next step is to build run of the water dams on the western rivers for hydro power generation & to utilize our share of the western rivers to irrigate J&K.All our attempts in the latter is constantly bring frustrated by Pakistan .It's only after we accomplish these steps that we would hsve complete leverage over the IWT & make good our threats .Right now , feasibility studies have been initiated to see how best can we dam the eastern rivers of the IWT.Which means that we'd be accomplish this task in the next 2 decades at best .

    The free hand allowed to the IA in their retaliation to PA provocations though welcome wedoesn't amount to much .Unless we inflict collateral damage in the PA they way they've been doing on ours , PA will continue with its strategy of using non state actors to engage & pin down the IA thru LIC in J&K & across the LoC , IB & Siachen.

    The challenges I was referring to is the inter operability between the PA & the PLA. It's an open secret that PoK ( so called AJK & GB) is already host to the PLA & PLAAF. The GoI & the IA seem to be sizing up the CCP - PLA +GoP - PA combine as to whether any future localised conflict would involve the Chinese in the western theatre as well .They seem to be guaging us as well to see what our red lines would be in the threat escalation matrix & how far will we escalate the matter as far as our military response goes .

    In brief , those are the challenges I was referring to .
     
    Last edited: Feb 21, 2017
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  5. IndiranChandiran

    IndiranChandiran BANNED BANNED

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    I think all you have done is underpinned my argument that the US inspite of facing a national debt several times it's GDP eve during the height of the oil crisis was never over whelmed by it.

    The chances of China weathering such a storm were it to be faced by such a scenario today is also very high .

    I would stand by my statement that while the Chinese economy would face major challenges in the years to come which would force them to make major structural adjustments , it's not going to be as catastrophic as many western commentators would have us believe .

    In other words , it's a good time to be a Chinese citizen for the foreseeable future.
     
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  6. lca-fan

    lca-fan Major SENIOR MEMBER

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    http://dailytimes.com.pk/features/19-Feb-17/hail-to-the-new-master

    By Syed Muhammad Saad

    Hail to the new master

    The year is 2050. Pakistan is lined with motorways and railroads. Highways begin at the head of the country in Khunjerab and reach all the way to its tail in Gwadar. Every major power hub of the country has a power plant dedicated to it. Industrial parks are found at the outskirts of major cities. The cities have changed too. City skylines are lined with huge malls and skyscrapers housing multinational corporations. City markets are filled in excess with all kinds of services. The country is replete with economic activity. Pakistan, with its plethora of infrastructural facilities, has become what people, mostly politicians, had envisioned in their wildest dreams. And let us not forget the crown jewel. The icing on the cake. The cherry on top. Gwadar. Gwadar’s cityscape is no different than that of Shanghai or Dubai. Gwadar port exudes an aura of a thriving machine, at the epicentre of a massive manufacturing system. Many perceive it as having surpassed Dubai in terms of economic value. Its deep water port seemingly has more traffic than Dubai, Mumbai, Singapore. Pakistan is thought by many to have become a regional economic superpower. All is well. But is it?

    All is not well. The reality behind this façade of economic development and political stability in the country is quite different. What lies behind this is quite bitter as opposed to the superficial image of economic prosperity portrayed by our skyscraper filled skylines. It is a truth that many do not want to speak of or write about. People who do intend to disseminate information about the actual politico-economic reality of the country face opposition from the general narrative prevalent among the economists within the country and those outside it. Reports by international ranking agencies rank Pakistan as one of the largest economies in the region. Such reports are used by the government, for political purposes, to suppress the truth and portray the country as a regional economic superpower. The majority of people have swallowed this narrative and the propaganda spread by the government to augment it. Many Pakistanis like to refer to the country as the Fifth Asian Tiger now. Anyone who says otherwise is seen as a foreign agent and a traitor, which does not come as a major surprise, as the art of terming people who speak the truth as traitors is a century old now. Many a times, journalists who talk about this issue are arrested on false charges. With blatant opposition from both the government and the blinded masses, and the fact that people are content with the false reality they are in, the unnerving truth remains buried deep down.

    What is this truth that the government is trying to mask? What is this dark secret that the government has managed to hide, but which is whispered quietly among people who dare? What is this truth that the government has coated over with its lies to blind the country? It is the fact that we were deceived. We were misled by our leaders. We were fooled. Fooled by a dear friend of ours. This friend had always portrayed itself to have our best interests at heart. This friend, with whom we thought we had a friendship higher than the highest mountains, deeper than the deepest oceans, and sweeter than the sweetest honey, fooled us. This friend gave us a medicine that he claimed was the panacea for all our ills. But through that medicine, he enslaved us and it is a kind of slavery whose shackles of domination cannot be thrown off easily. The dear friend was China. And the medicine was CPEC.

    A few decades back, our country was in a perilous state. We were deemed an economic failure by many. Our industries were falling apart. Unemployment was rife. Power shortage had become the bane of our existence. The solution to all our problems was given to us by our dear friend. China promised to build an economic corridor through our country. The economic corridor would include highways, pipelines, power plants, industrial parks, and a road connecting Pakistan’s north to its south. We wholeheartedly accepted the idea of CPEC, like a sick person desperately seeking a medicine. Due to our poor, economically miserable state, coupled with our obsession with infrastructure and our misguided perception that roads and buildings signify development, we fully swallowed this idea. And hence began our downward spiral into slavedom. Again.

    We were drilled with the notion that the realization of CPEC would transform us into a self-sustaining entity able to stand on its own legs. We were not aware that this very same CPEC would break our legs. That it would bend us before someone who was doling out gifts wrapped in their concealed desire for economic imperialism. We were told that China would give us loans to finance a large number of infrastructural, energy and industrial projects. It is beyond me what went through the minds of economists and statesmen at the time that they were unable to understand that this was a project financed by a huge amount of loans. I cannot possibly comprehend that with Pakistan’s public debt of $180 billion at the time the project was in its initial stages, why did we agree to burden ourselves with $50 billion in addition. Why did we not understand that the loans we were taking for these projects amounted to a value that even our total public debt should not have been?

    All that the enlightened economists at the time could say to critics was that they did not understand development. That they did not understand how debt worked. That these are ‘soft’ loans. That their interest rate is minimal compared to the prevailing interest rate. No one however realized that a ‘soft loan’ is a loan nonetheless, that even if interest was totally waived off, the amount of the loan in itself was humungous. But sadly we were convinced that these projects would generate foreign investment that would boost our economies. And that the revenue generated from these economic activities would pay back everything. Build-operate-transfer had become the slogan of economists at that time. Their narrative was that the Chinese would build all the projects, operate them, and transfer projects back as their debt is paid. Well, decades have passed. The Chinese did build those projects. They did operate these projects. But they never transferred a majority of those projects to us. It was simply because we haven’t been able to pay back that debt. Now, most of these projects are owned by the Chinese companies. Industries, power plants, even all these highways are operated by the Chinese. Recently, some lawmaker made an allegation that the transport tax we were promised years back is collected by Chinese companies that operate these highways. Pakistani entities do have a share in the companies that operate or work on CPEC, but these are minor shares. Our status is just like that of a parasite feeding on a large organism. We are in this situation because we could not generate the revenue to pay back the gigantic amount of debt incurred to finance these projects. How could we? We never owned the projects. What we owned was our minimal share as compared to that of our debt-financiers. Pakistani entities owned a stake in CPEC ventures that generated revenues which were as meagre as the share that they had in those ventures. So, we never had a way to generate enough revenue in order to pay back the loans. And our inability to pay back that debt has prevented us from actually reaping the benefits of CPEC.

    Although CPEC brought in a lot of investment in the form of foreign investors like MNCs, but as is the case with every developing country with capitalist corporate entities present in it, the revenue generated is flown out of the country. What CPEC managed to do was provide a fertile ground to these foreign entities and a route for China to send its goods abroad. And the vast presence of Chinese goods and companies in Pakistan has been detrimental to the local industry. Pakistan is not only a passageway for the Chinese, but also a dumping ground for their low quality goods. The Chinese economic presence has suffocated us. The whole corridor, from the roads to the plants to the port is technically like a tentacle that rings through Pakistan’s land right to its tail. A tentacle of the octopus that is the Chinese economic imperialism. An arm that they dug through Pakistan to solidify their economic hegemony in the region and in the wider world.

    This economic supremacy of the Chinese has also transformed the political setup in Pakistan. The vast economic influence in turn calls for political influence at a similar scale. People have started feeling that Chinese influence is seeping into our political circles. Many of the decisions made by our politicians seem to uphold Chinese interests. Taxes being waived off for Chinese companies and traffic, Chinese companies not being scrutinized and regulated are a few examples of the Chinese having a free reign in our country as our politicians look the other way.

    Another way in which our slavery has manifested itself in the economic arena is the Chinese domination in the job arena. CPEC projects caused an influx of Chinese people into the country. Resultantly, majority of these ventures are operated by the Chinese. All the higher officials of these companies are Chinese. The lower jobs are reserved for our graduates. It’s like how Pakistanis were treated in Dubai. Now Pakistanis get a similar treatment in their own country.

    CPEC has also given the Chinese politicians and officials a reason to feel that we owe them. After all, they ‘transformed’ our country into a hustling bustling hub of gigantic malls and wide highways. And this is why they feel entitled to a higher status than the common citizens of Pakistan. Interactions between Chinese officials and Pakistani people in public exhibit an aura of condescension and patronisation on part of the Chinese officials. Recently, a Chinese diplomat misbehaved with a law enforcement official and beat him up. The story goes that his guards also fired at the official. But strangely, the matter was brushed under the carpet by the government. No action was taken against the diplomat. Times are eerily reminiscent of the era when Americans used to manhandle our citizens. Maybe someday we will witness a Chinese Raymond Davis.

    How naïve were we? How did we not realize that this would happen? Maybe we were ignorantly optimistic. Maybe we were swept away by the promises of the ruling government of the time. Our gullible selves were implanted with the notion that CPEC would benefit Pakistan and not the entity that financed those projects, built those projects, and now operated those projects. We were under the naive impression that CPEC would not only benefit the Chinese corporations that will operate their businesses here, but the wealth generated by those businesses would be shared among the common man like langar at a shrine on Thursday. Our deluded selves, which were greatly attracted to infrastructural ventures and were constrained by the inability to understand the importance of self-sustainability, wholeheartedly accepted this project.

    We were seemingly oblivious to the fact that this was a ploy by the Chinese to economically enslave us as part of their campaign of economic imperialism. Two hundred years back, we were enslaved by the British through the East India Company. But that enslavement was aided by military conquests. Our knees were brutally and explicitly broken. Following our independence from the British, we were enslaved by the Americans. The Americans gave us enemies and made us fight their wars. Because of our innate desire to not ever become a self-sustaining entity, and the fact that we would get military aid in return for fighting their wars, we happily became their mercenaries. However, this time it was different. The British and the Americans were open bullies, forcefully making us do what they asked, but China was different. Our dear friend China had always portrayed itself to have our best interests at heart. Our enslavement at the hands of our dearest friend was subtle and discreet. When we had fallen down, and were weak and hopeless, this friend gave us a pat on the head and told us that everything would be okay. That he had a panacea for all our miseries. This friend, who was in reality a demon at the crossroads, gave us a medicine in the form of CPEC and told us that it would help us get up.

    And here we are now. Years later. Still down. Still a slave. With our begging bowl in front of a new master. I don’t know what the future holds for us, whether we will ever be economically independent. What I know is that when China is done with us, it would dispose us off and go on to prey upon a new victim. But for now, we are their slaves. So all we can say is; Hail to the new master.

    @PARIKRAMA @Hellfire @vstol jockey @Ripcord322 @AbRaj @randomradio
     
    Last edited: Feb 22, 2017
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  7. lca-fan

    lca-fan Major SENIOR MEMBER

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    So, finally a few intellectuals are seeing reality and raising voice against CPEC and Chinese masters. But it would be of no use as average Pakistani s are fools who can't see their Army and politicians are selling Pakistan bit by bit to China just to show one up manship against India and can't come out of their animosity against India even if it means being slaves to Chinese.
     
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  8. Sathya

    Sathya Lieutenant FULL MEMBER

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    In this case , India is doing favour by buying cement from them..

    Hopefully Chinese buy those cement companies. . For the ignorant masses to realise what's happening to them .

    Chinese products have flooded our Indian market too..
    When are we going to protect our own companies?
     
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  9. PARIKRAMA

    PARIKRAMA Angel or Devil? Staff Member ADMINISTRATOR

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    I believe the writer would be called a blogger, anti national, warned online and in any case may disappear too.. since he said the right things.. but without a small caveat..

    CPEC is just like any other projects where you have something known as a assured cash flow emanating from projevt moving from raw to live stage.. Unfortunately some times projects showcases aggressive cash generation which is basically used to cover the steep obligations of repayment.. this is done when risk is on a higher side and in a way it's more of a paper cushion over realistic scenario where there can be a much worse result with not enough cash to meet obligations at all and event of default becomes certain...

    To me, the project itself is marketed too aggressive with unrealistic returns.. in short term to medium term, neither Pakistani economy nor any other means/channels are available to service the debt obligations and it hinges only on the success of the project to pay up the debt. This itself is a false hope and the rationality behind the risk assessor is deeply flawed..

    As such no one has seen the future but from the point of fair risk and return, if I am an investor , I would have stayed away from the project unless I explicitly say in an event of default I am taking over all land, building, resources , movable and immovable type with full ownership transfer... A case of soft handover..

    BUT ..

    That is a security underlying not a sound risk assessment or ways and means of risk mitigation .. by itself with no other cash flow means to service this debt, it implies

    1. Much lower scale of CPEC should have been there in 4-5 phases
    2. Each phase would have generated cash in successful completion to fund the next phase of expansion
    3. This would have indeed led to much lower debt being raised from China and at much lower per year obligation.
    4. It would have also allowed tertiary Plan B and Plan C to develop and increase other means of cash flow to mitigate risk emanating from unknown events.
    @VCheng
    The author as per my experience will be compared to Bhensa or online bloggers who are so called anti establishment for raising this issue.. sadly if it does turn out as he has predicted (high probability) , will the awaam of the country forgive the ppl who took this decision? Or they will just do the witch hunt to silence such ppl who speaks out?
     
  10. Ghanta

    Ghanta FULL MEMBER

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    I am a little sceptical about your argument. A catastrophic economic meltdown has happened before for USA in 1929. None of the recessions following that have come close to it. Cause was simple, huge loans were taken until they couldn't be paid back. And what the fed has been doing since is taper the excesses backed by reserve currency and taxpayer dollars. The fed currently has more than 4 trillion dollars in stocks and mortgages, which it can't unload since the economy is still not completely out of recession. Any unloading can result in a partial to a full meltdown in that correspondingc sector.
    Same is happening in China. They have tapered 2015 crisis with taxpayer Yuan and a trillion dollars worth in reserve currency. They currently also have extreme form of capital controls. They don't have the liberty of having reserve currency unlike dollar which can be parked outside the country. When you can't taper any more you are left with a 1929 or a Zimbabwe type situation.

    The above is not my analysis but that of nassem taleb who predicted the 90's Asian crisis and 2007 recession accurately. And he predicts a hard landing for China along with a global recession for the west spearheaded by USA.

    So for the immediate future I wouldn't want to be Chinese citizen. ( Distant future would depend on strong economic principles)
     
    Last edited: Feb 22, 2017
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  11. IndiranChandiran

    IndiranChandiran BANNED BANNED

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    Here's what people who don't agree to N.Taleb have to say about his hypothesis on why the global recession triggered by a downturn in the US economy while probable is not a certainty .


    http://theweek.com/articles/453558/nassim-taleb-used-hero-but-today-hes-just-plain-wrong


    I'm not in disagreement with your argument just that I'm not as sanguine as you are about an imminent failure of the Chinese economy a la the Great Depression .

    They will trip & gather themselves up quickly .You, some other posters here & most of the western commentators on the net seem to think it of a Great Chinese Depression as a certainty not a possibility .

    With regards to the US's ability to ride out an economic storm , please be informed that at the height of the oil crises , the US Treasury department cut a deal with the Saudi royal family & later with their allies leaving their economy flush with plenty of money to invest in the capital markets .

    1970s Decision
    The special arrangement was a product of the 1973 oil shock following the Arab embargo. It’s among concessions that U.S. administrations made over the years to maintain America’s strategic relationship with the Saudi royal family and access to the kingdom’s oil reserves.

    The question of Saudi holdings of Treasuries is gaining importance as the monarchy faces fiscal pressure from the decline in oil prices and costly wars in the Middle East.

    In the past year, Saudi Arabia burned through 16 percent of its foreign-exchange reserves to plug its biggest budget shortfall in a quarter-century, according to data from the kingdom’s central bank. The signs of strain are prompting concern over Saudi Arabia’s potential influence on the world’s largest and most important bond market.

    Saudi holdings of Treasuries peaked at $123.6 billion in January, the data released Monday show.

    “As we look at official and central bank and investment holdings of Treasuries around the world, we’ve seen a lot of fluctuations, we’ve seen a gradual erosion of positions that have been held for some time,” said Jim Vogel, head of interest-rate strategy at FTN Financial in Memphis, Tennessee. The impact of those reductions has been mitigated by purchases by overseas private investors, he said.

    Following is a table of U.S. debt holdings of the oil-producing nations for which the Treasury released data Monday:

    Country USD Bln
    Saudi Arabia 116.8
    United Arab Emirates 62.5
    Kuwait 31.2
    Oman 15.9
    Iraq 13.4
    Qatar 3.7
    Nigeria 3.1
    Bahrain 1.2
    Algeria 0.7



    https://www.google.co.in/amp/s/www.bloomberg.com/amp/news/articles/2016-05-16/u-s-discloses-saudi-arabia-s-treasuries-holdings-for-first-time?


    China itself owns upwards of 1 trillion USD in US Treasury bonds.For a global meltdown to happen the Chinese economy must go into a tailspin , the US economy must follow, the EU should fail as well.This would be an apt description of a "Black Swan" event .

    Lets agree to disagree.
     
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  12. VCheng

    VCheng RIDER GEO STRATEGIC ANALYST

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    The real story of CPEC, as I have said before, is not about its economic fundamentals, which remain adverse, as you have described. The real story is how Military Inc has created an entire parallel trade channel in its control, from Gawadar Port to Sost Dry Port, with an extra security division paid for by surcharges on bills of ordinary citizens. The government will pay up the exorbitant markup on the loans, while the benefits will accrue to the military. Pretty smart arrangement if you wear khaki, not so much if you don't. That is the blunt truth. That is also why criticizing CPEC is dangerous for anyone's health in real life within Pakistan and indeed in that forum as well.
     
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  13. PARIKRAMA

    PARIKRAMA Angel or Devil? Staff Member ADMINISTRATOR

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    Let me take this opportunity and ask you Sir , do you think army generals or ppl who could influence make some money via this... If yes, what could be the possible corruption routes?

    I mean we heard about land banks being taken or donated to forces folks for throwaway prices or even free.. is there a possibility that this 15000 soldiers or a division strength creation will help personal benefits to few as well..

    Does in someway the mark-up of loans and interest or even the portion of principal going to some elites...

    In case we assume there is (greed among human society is pretty rampant), with the impression that forces have , do you think ever this issue will come out in light?

    @Hellfire @nair
    Tagging you folks also as you guys were researching to write about CPEC.. I felt to ask this question due to my reasonable assumption that such a long term project should have some grace period where perhaps even interest servicing can be there or may be absent too (total moratorium types) since there will be a Sovereign Guarantee for Gov of Pakistan.. yet there seems to be a commitment per year basis..
    Do you folks also feel there might be some vested interests involved in this as well ?
    Any place you felt something not correct in your reasonable assumptions..(By way of logic of course )
     
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  14. PeegooFeng41

    PeegooFeng41 2nd Lieutant FULL MEMBER

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    CPEC is Pakistan's Trump. For them, if they do not have a proper answer, it will be done via CPEC.
     
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  15. VCheng

    VCheng RIDER GEO STRATEGIC ANALYST

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    All I will say here is that the imagination is the only limit in the number of ways CPEC can be used for personal gains of a select few.
     
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