ISLAMABAD, May 22 (Xinhua) -- The Foreign Ministry of Pakistan said on Friday that the China-Pakistan Economic Corridor (CPEC), under the Belt and Road Initiative, is a transformational project contributing positively and transparently to Pakistan's national development.
Pakistan's statement came after Alice Wells, outgoing principal deputy assistant secretary for the Bureau of South and Central Asian Affairs of the U.S. State Department, recently criticized the CPEC projects and defamed China-Pakistan relations.
It is reiterated that CPEC, a long-term project, has helped address development gaps in energy, infrastructure, industrialization, and job creation in Pakistan, the foreign ministry said in a statement.
"We have reiterated many times that our total public debt relating to CPEC projects is less than even 10 percent of the total debt. Moreover, the public debt obtained from China has a maturity period of 20 years and the interest is 2.34 percent. If grants are included, the interest value slides down to about two percent," the statement said.
"The claims made by some of the commentators and public officials on Pakistan's debt obligations relating to CPEC are contrary to facts," it added.
The statement said Pakistan believes that regional economic connectivity will provide a critical stimulus for creating broad-based growth across the region.
"Pakistan and China have several mechanisms to discuss matters of mutual interest. Both countries are regularly in touch to address those issues bilaterally," according to the statement.
The statement said Pakistan and China are all-weather strategic cooperative partners and are engaged in prompting peace, development and stability in the region based on the principles of mutual respect, mutual benefit, win-win cooperation and shared development.
The Chinese Embassy in Pakistan said on Thursday that the recent remarks of Wells about CPEC are irresponsible and totally baseless, "just a repetition of her same old tune."
"The CPEC is an important cooperation project between the Governments of China and Pakistan. It has always adhered to the principles of mutual benefit, win-win cooperation, openness and transparency. The planning and implementation of the projects are carried out by the two sides through thorough consultations based on equality and scientific study," the embassy said. Enditem
