Daily Times

Among the national priorities, securing an IMF loan occupied the top position for the last few years. Our economy is dependent on loans. Otherwise, the threat of default looms large over the horizon. Now the terms dictated by the IMF have been met, especially by hiking the utility prices of the government. The decision hit the lower segment of the society hard and the government standing in the public suffered.

Depending on foreign loans to run the economy has gone on for the last many years. The main beneficiaries of the loans are the upper layers of the society addicted to living beyond the national means- the officialdom. Since getting an IMF loan is our absolute compulsion, we have to adhere to the trappings associated with it. Presumably, putting the China-Pakistan Economic Corridor on the backburner is one such before releasing the loan. Even though this precondition is neither declared publically nor spelt out in writing. It’s however clearly evident as keeping China at bay at all costs is the pivot of US foreign policy.

The difference between the US and China’s foreign policies is that the former makes the poor nations subservient to its dictates by dolling out dollars in cash while the latter prefers to carry out development projects in those countries. China’s development in Africa and the establishment of the Metro train transport system in Iran are evidence of its performance. Although CPEC was conceived earlier, the real impetus it received was during Nawaz Sharif’s tenure in the government.

It’s about time to understand that our salvation lies by looking east toward China and Russia, our adjoining neighbours.

As the nation had always been deficient in power supply, Nawaz Sharif convinced China to give top preference to setting up energy projects. Establishing power plants was the cornerstone of his 2013 election policy. It also suited China since it was part of the CPEC plan to set up factories in Pakistan that would need the power to run them. When the PTI government took over, the CPEC development slackened. Some PTI stalwarts even demanded to re-evaluate the cost and feasibility of the projects. It was only meant to create stumbling blocks in the way of progress to tarnish the image of the previous government. Any further progress on CPEC projects suffered, including expansion of the railway system, which aimed at upgrading the Karachi-Peshawar railway track and the signalling system for faster movement of trains. It suited both China and Pakistan.

Moreover, China imports oil from the Gulf States. Presently, its cargo traverses a distance of about 16000 km passing through the Strait of Malacca. The sea route is susceptible to foreign aggression, which could result in the blockage of oil supplies critical to China’s economy. On the other hand, the same cargo travelling from Gwadar deep sea port to western China province of Xinxiang will only have to travel 4000 km – a huge saving both in time and money.

CPEC’s critics thought that China would reap higher financial benefits on its investment in Pakistan than we would. This argument sickens. Consider, for example, the immense mineral wealth underneath the jagged land of Balochistan. Of what use is it for us if we cannot utilise it to develop the poorest of the provinces and improve the overall economy of the country? For many years we have been hearing the news about how Baluchistan contains minerals and metals, including copper, lithium and gold waiting to be exploited. Why haven’t we been able to do it?

Let’s admit we neither have the capacity nor the resources and technology to explore and dig out the underground mineral wealth. But whenever a contract is awarded to some foreign companies, the critics of the project begin to holler that we had been defrauded. Former CJP Iftikhar Chaudhry and his two brother judges cancelled the Reko Diq project that cost the country hundreds of millions in fines imposed by an international court of arbitration.

It’s about time to understand that our salvation lies by looking east toward China and Russia, our adjoining neighbours. We will neither have to fight wars at the behest of the superpower nor will we be dictated to act as pawns in its overall policy in the region. The loss of thousands of our citizens as a result of the Afghan war should be an enduring lesson for us to stay out of US-instigated wars, which primarily aim at creating US hegemony in the region and benefit its weapon manufacturers. We must divert to CPEC – our economic lifeline. Once considered the game-changer of the economy of this poor nation has been consigned to oblivion. The dazzle of the greenbacks has had the better of the CPEC.

The writer is a Lahore-based columnist and can be reached at pinecity @gmail.com