Pakistan orders resumption of China's Belt and Road Initiative amid pandemic
China Belt and Road Forum
Pakistan has ordered the resumption of all Belt and Road Initiative (BRI)-- from infrastructure to energy as the country's economy is struggling.
The IMF has predicted that the Pakistan governmentis likely to miss all economic targets even as investments are shrinking and theloan waivers are not doing enough.
The country is in deep crisis and the only saviour right now is China, Pakistan's iron-brother and the only country with available capital.
The BRIcorridor with its special economic zones provides 'ready framework' for Pakistan to attract this capital.Pakistan hadhit the reset button on all BRIprojects that hit a roadblock when the first cases were reported. However, the work has resumed and the workers are back.
The process is being called phase 2 of Sino-Pakistani Industrial Cooperation. This so-called 'phase-2' is expected to catalyse industrial take-off and Chinese funds will be used to overcome economic shortcomings.
Reports sayphase 2 of Sino-Pakistani Industrial Cooperation will generate500,000 new jobs in the coming months.
What does China get in return?
The answer again is quite simple --Pakistani loyalty and a strategic edge over India.