Why people of Gilgit & Baltistan are AGAINST CPEC?
In this video, we will discuss about how China Pakistan Economic Corridor is facing future of uncertainty.
Reference -
https://www.voanews.com/a/china-pakistan-anti-corruption-drive/4158511.html
https://www.bloomberg.com/news/articles/2017-12-12/pakistan-s-rupee-drops-to-record-low-in-world-s-biggest-decline
https://www.aninews.in/news/world/asia/pakistan-to-make-cpec-long-term-plan-public-on-dec-18201712130907120001/
https://www.voanews.com/a/china-pakistan-anti-corruption-drive/4158511.html
Transcript -
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Now Lets discuss about today's topic.
As you know, at the recommendation of International Monitory fund, Central bank of Pakistan has allowed its Rupee to weaken.
Since last Friday, Pakistani currency is Globally worst performing currency.
Eye opening fact is, foreign reserves of Pakistan have become less than half of the Foreign reserves of Bangladesh. Now look at this, while having burning desire to be equal to India, Pakistan has not even remained half of Bangladesh.
Every one knew, Pakistani currency is artificially floating high. Since everyone was expecting this devaluation for quite some time, Imports were going up and export were declining. Thus trade deficit of Pakistan was worsening.
In order to come out of this vicious circle, It was delayed response from Pakistan's side that, it allowed its currency to find its natural value in market driven fashion.
With the help of Chinese funds, Pakistan was able to pay off International Monitory funds loans in the year 2016.
Very significantly, as per the estimation of world bank, Pakistan will again need $17 Billion external financing or, annual 5 to 6 percent growth rate in order to avoid economic crash.
Since election are due in next year, Pakistani government is not at all inclined to knock the door of International Monitory fund any time soon.
They can delay the eventual outcome, but cannot eliminate the risk of it.
Moreover China Pakistan Economic Corridor led investments have increased the import bill of Pakistan.
Please note, Magic of repayment of Chinese loans is yet to start playing out.
In China, its said, People would rather give up the gold, than giving up the friendship between China and Pakistan.
Sooner than later, China will get an opportunity to prove it.
Interestingly, China now wants to extend its national anti corruption campaign to wards Pakistan.
yes, China wants china Pakistan economic corridor to become clean corridor or a corridor of integrity.
These sweet sounding words are being spoken after recent set backs to this corridor.
Curiously, its beyond our understanding what has suddenly changed in the Pakistan, that China started asking about no corruption in this corridor.
friends, these reasons are more of excuses to make Pakistan weaker in negotiation with China.
Anyways on December 18, Pakistan will make China Pakistan Economic Corridor long term plan public, to allay fears growing in the minds of general public.
Remarkably, massive protest have recently broken out in Gilgit Baltistan against Pakistan's immoral imposition of taxes on them.
As an eye opener, people of Gilgit and Baltistan don't have any representation in the national assembly and senate of Pakistan.
their demand for No taxation without representation does make sense.
Local people have even started asking for royalty of rich mineral resources, which are being exploited by both China and Pakistan for this corridor project.
Hence, with Pakistan's economy going through period of crisis and emerging local unrest against this project, put strong question marks on the future of China Pakistan Economic Corridor.
As per your views, do you see any possibility of China Pakistan Economic Corridor converting into Clean Corridor in near future?
Please let us know your views in comment section below.
Please find the reference links of this video in the description box below. Thank you friends!
Tags
China Pakistan Economic Corridor,One Belt and One Road initiative,Belt and Road initiative,Sri Lanka,Pakistan,Hambantota port,Gwadar port,CPEC,Chinese investment in Pakistan,Currency devaluation in Pakistan,IMF,International Monitory fund,Why India should not join OBOR,Why India should not join BRI,BRI,OBOR,China,India,Russia,RIC meeting,Hambantota Port,Clean corridor, Corridor of integrity, protest against CPEC in Gilgit Baltistan,set back to CPEC, Struggling economy of Pakistan
We cover those interesting aspects, which are not covered by Indian main stream media
so Please subscribe our channel and click on Bell icon to get new video upload notification.
Now Lets discuss about today's topic.
As you know, at the recommendation of International Monitory fund, Central bank of Pakistan has allowed its Rupee to weaken.
Since last Friday, Pakistani currency is Globally worst performing currency.
Eye opening fact is, foreign reserves of Pakistan have become less than half of the Foreign reserves of Bangladesh. Now look at this, while having burning desire to be equal to India, Pakistan has not even remained half of Bangladesh.
Every one knew, Pakistani currency is artificially floating high. Since everyone was expecting this devaluation for quite some time, Imports were going up and export were declining. Thus trade deficit of Pakistan was worsening.
In order to come out of this vicious circle, It was delayed response from Pakistan's side that, it allowed its currency to find its natural value in market driven fashion.
With the help of Chinese funds, Pakistan was able to pay off International Monitory funds loans in the year 2016.
Very significantly, as per the estimation of world bank, Pakistan will again need $17 Billion external financing or, annual 5 to 6 percent growth rate in order to avoid economic crash.
Since election are due in next year, Pakistani government is not at all inclined to knock the door of International Monitory fund any time soon.
They can delay the eventual outcome, but cannot eliminate the risk of it.
Moreover China Pakistan Economic Corridor led investments have increased the import bill of Pakistan.
Please note, Magic of repayment of Chinese loans is yet to start playing out.
In China, its said, People would rather give up the gold, than giving up the friendship between China and Pakistan.
Sooner than later, China will get an opportunity to prove it.
Interestingly, China now wants to extend its national anti corruption campaign to wards Pakistan.
yes, China wants china Pakistan economic corridor to become clean corridor or a corridor of integrity.
These sweet sounding words are being spoken after recent set backs to this corridor.
Curiously, its beyond our understanding what has suddenly changed in the Pakistan, that China started asking about no corruption in this corridor.
friends, these reasons are more of excuses to make Pakistan weaker in negotiation with China.
Anyways on December 18, Pakistan will make China Pakistan Economic Corridor long term plan public, to allay fears growing in the minds of general public.
Remarkably, massive protest have recently broken out in Gilgit Baltistan against Pakistan's immoral imposition of taxes on them.
As an eye opener, people of Gilgit and Baltistan don't have any representation in the national assembly and senate of Pakistan.
their demand for No taxation without representation does make sense.
Local people have even started asking for royalty of rich mineral resources, which are being exploited by both China and Pakistan for this corridor project.
Hence, with Pakistan's economy going through period of crisis and emerging local unrest against this project, put strong question marks on the future of China Pakistan Economic Corridor.
As per your views, do you see any possibility of China Pakistan Economic Corridor converting into Clean Corridor in near future?
Please let us know your views in comment section below.
Please find the reference links of this video in the description box below. Thank you friends!
Tags
China Pakistan Economic Corridor,One Belt and One Road initiative,Belt and Road initiative,Sri Lanka,Pakistan,Hambantota port,Gwadar port,CPEC,Chinese investment in Pakistan,Currency devaluation in Pakistan,IMF,International Monitory fund,Why India should not join OBOR,Why India should not join BRI,BRI,OBOR,China,India,Russia,RIC meeting,Hambantota Port,Clean corridor, Corridor of integrity, protest against CPEC in Gilgit Baltistan,set back to CPEC, Struggling economy of Pakistan
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