Prime Minister of India Narendra Modi recently arrived in China to participate in the SCO Summit. Here he met Chinese President Xi Jinping. India and China gave messages to the rest of the world that if the countries that consider themselves superpower, both of these countries have options open. India has the option to find a market to sell its goods, so China has the option to buy its goods and open the way to market. China and India will make a big deal among themselves, but what will happen to America? The same message was tried. The right cancer was completed by Russia’s President Putin. The picture from SCO Summit in which Xi Jinping, Vladimir Putin and Narendra Modi were seen laughing. Apart from this, Pakistan Prime Minister Shahbaz Sharif was seen lying isolated.
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Pakistan which is considered a puppet of China. When helping, he looks towards China. China also helps him. China has been considered the best friend of Pakistan. But for the last few days, relations between the two countries do not look normal. It seems that China wants to get rid of Pakistan. At the same time, Pakistan is also sitting on the eyes of other debtor to beg. According to reports, Pakistan has decided to seek help from the Asian Development Bank i.e. ADB instead of China for the advancement of its old railway network. Pakistan has sought a $ two billion loan loan from ADB to improve the Karachi Road Railway section.
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This is the same ML1 project which was once the biggest and ambitious plan of Pakistan Economic Corridor Yana CPEC. A senior Pakistani official told Nikkei Asia that the ADB Main Line-1 (ML-1) is a loan of $ 2 billion for upgrading the 480 km long Karachi-Rohri section of the railway. With a total cost of $ 6.7 billion, ML-1 is the largest component in the $ 50 billion China-Pakistan Economic Corridor (CPEC), designed to modernize the 1,726 km long track between Karachi and Peshawar. If it gets approval, this will be the first time that a major belt and road project in Pakistan will be funded by a multilateral lender instead of China.
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ADB loan will be found at temporary market rate, which is contrary to the concessional conditions given by Beijing under CPEC. This move of China has been taken amidst the increasing security risks after Pakistan’s dues of $ 1.5 billion to Chinese power producers and increased security risks after the killing of 21 Chinese citizens from Pakistan. Nikkei Asia quoted Pakistan Regional Economic Forum President Aaron Sharif as saying that when China [एमएल-1] Financial status of expected returns and [बिजली] If he reviewed the problems of Pakistan in the payment, he decided not to give funds for the project. Experts also pointed to repeated amendments to project costs and design, which started from $ 6.8 billion and in 2022 to $ 10 billion, and then reduced to $ 6.7 billion, which was another reason for China’s reluctance. With the intervention of ADB, the project would include open bid and strict procurement criteria, while the first CPEC projects were assigned to Chinese contractors on a large scale.