CPEC Phase 2 Crucial for Repaying Chinese Debt, Minister

In a candid interview with CGTN America, Pakistan’s Finance Minister Muhammad Aurangzeb revealed that the country’s ability to repay its Chinese debt hinges on the successful completion of the second phase of the China-Pakistan Economic Corridor (CPEC) project.

CPEC: A Game-Changer for Pakistan

Aurangzeb hailed CPEC as the “champion project” of China’s Belt and Road Initiative, acknowledging the significant infrastructure development that took place during Phase 1, including road networks and ports.

However, he emphasized that Phase 2 is equally important for Pakistan’s economic growth and debt repayment.

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Phase 2: The Key to Debt Repayment

The finance minister stressed that Pakistan needs to move forward with CPEC Phase 2, which focuses on special economic zones, to monetize the existing infrastructure and attract further Chinese investment.

He noted that these zones must be export-oriented to generate revenue and facilitate debt repayment.

Gratitude and Commitment

Aurangzeb expressed gratitude to the Chinese government and banks for their support in debt rollovers but reiterated that Pakistan is committed to repaying its debts.

He assured that the current administration is dedicated to making CPEC Phase 2 a success, which is crucial for Pakistan’s economic prosperity and debt repayment.

A Critical Moment for Pakistan-China Economic Ties

This statement comes at a critical juncture in Pakistan-China economic relations, highlighting the importance of CPEC Phase 2 for the country’s economic future.

As Pakistan navigates its debt obligations, the successful implementation of CPEC Phase 2 will be a key factor in determining its ability to repay its Chinese debt and drive economic growth.