CPEC: Welcome ambitions

The long-running Pak-China Economic Corridor project from Gwadar to Kashgar 

is an extension of the Silk Road in the 21st century, which aims to deliver oil, gas and other products in a shorter time through Gwadar port, railways and motorways. The world's largest project of its kind has further strengthened Pak-China friendship, but opposition to this game-changer project, both internally and externally, is not hidden from anyone. The trio of US, Israel and India crossed all boundaries of hostility to thwart the project, even to the point of separating Balochistan and Karachi from Pakistan for the failure of C-Pak, according to the record statement of Indian spy Kulbhushan Yadav. Was on a mission. Fortunately, Pakistan thwarted all such conspiracies. Asim Saleem Bajwa, Chairman C-PAC Authority, told reporters in Islamabad on Wednesday that there was no impediment to the C-PAC project. To begin with, China and Pakistan have categorically rejected US concerns over C-Pack, including allegations of corruption and higher electricity tariffs. With forethought, it is possible to easily avoid future losses. The world will see that the situation before and after Corona will be radically different, the post-Corona situation will require hard work and strategy for economic stability, in which case if C-Pack becomes active, all of Corona's victims Before that, our region will be on the path to stability. China and Pakistan have made a wise decision to complete the C-Pack in a timely manner, which should not be hindered or delayed.
At a time when the Corona epidemic is still hovering over our heads and does not seem to be faltering, the effects on the economy are beginning to show. The most worrying report of the Ministry of Finance is that in the first nine months of the current financial year, the country's budget deficit from July to March, which was earlier 3.8 percent to Rs 1688 billion, increased to 9.6 percent by the end of the financial year (June 30). During this period, Pakistan has so far taken an external loan of Rs. 15 trillion 80 crore, while Rs. 8 trillion 18 billion 44 crore has been spent on repaying loans. On the other hand, in the first nine months, a total revenue of Rs 46.89 trillion was collected, which was 10.7% of GDP. In these difficult circumstances, the federal budget for the financial year 2020-21 is being prepared. It is questionable what effect the Corona epidemic will have on its budget if the costs continue unabated. However, the government is rightly aware of this, as the Prime Minister has repeatedly said, and now on Wednesday, the Ministry of Finance and the State Bank of Pakistan (SBP) introduced a risk-sharing mechanism to encourage banks to support small and medium-sized businesses. It has decided to provide Rs 30 billion as subsidy in the form of loan through which the entrepreneur will have to pledge not to dismiss his employees within three months. In that case, the government will bear 40% of the debt. The FBR has also abolished certain penalties for non-payment of sales tax. Such initiatives take time; however, they need to be completed with homework