Supporters of the China-Pakistan Economic Corridor have long argued that the initiative would spur development and improve Pakistan’s macroeconomic fortunes. As Pakistan faces its thirteenth IMF bailout in the last thirty years, it is clear that without serious reforms, the debt incurred to fund CPEC could do more economic harm than good.
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On April 25, China will convene leaders from 37 countries for the second Belt and Road Forum in Beijing. Here is some of Reconnecting Asia’s top analysis of China’s Belt and Road Initiative ahead of the summit.
Reconnecting Asia tracks infrastructure developments across Eurasia, a vast landmass that includes 60 percent of the global economy. Every day, new projects are announced; some advance, while others encounter obstacles. Here is a selection of projects and trends we will be following in 2019.
When it was launched, China heralded its Belt and Road Initiative as a “golden opportunity” to revitalize the region, but today it has raised serious concerns about debt sustainability, drawing scrutiny from the IMF. One way for Beijing to demonstrate its commitment to addressing the IMF’s concerns is by partnering to develop more sustainable and transparent lending practices.
Although Beijing insists that its Belt and Road Initiative has no geopolitical motives, the project has been at the center of an increasing number of political controversies, foreign and domestic, writes the Financial Times in a Special Report, citing analyses from the Reconnecting Asia Project.