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Showing posts from April 11, 2020

China Confronts Major Risk of Debt Crisis on the Belt and Road Due to Pandemic Debt distress along the Belt and Road will be a serious threat to China’s own financial sustainability and to the operations of Chinese companies overseas. By  Nick Crawford and David Gordon April 10, 2020 People walk by a display board showcasing China’s construction projects at the media center of the Belt and Road Forum in Beijing, Saturday, April 27, 2019. Credit: AP Photo/Andy Wong ADVERTISEMENT The COVID-19 pandemic threatens to cause a wave of economic crises along China’s Belt and Road Initiative (BRI). With several BRI countries already facing high external debt and likely to be hit hard by the pandemic, Beijing is poised to confront multiple, simultaneous debt crises in countries where it is heavily invested. As  a report by the International Institute for Strategic Studies (IISS)  highlights, China would have faced constraints on its future lending and debt renegotiations even if the pandemic had not occurred. But now, China faces a serious test to preserve t

Balochistan demands subsidy for people in gas, electricity bills   QUETTA:  Balochistan Chief Minister Jam Kamal Khan on Friday said that the provincial government has requested the federal government to provide special subsidy in gas and electricity bills for Balochistan in order to decrease their financial difficulties. Talking to reporters at the Governor’s House, Kamal said that due to the ongoing lockdown, the business activities across the country had been affected, causing financial difficulties for the common men, particularly the worker class. “Poverty in Balochistan is higher than other provinces whereas the overall economic situation is under immense pressure due to the coronavirus,” he said. He said he had also requested Prime Minister Imran Khan to double the number of Benazir Income Support Programme (BISP) beneficiaries from 0.6 to 1.2 million. The chief minister said he had also sought the assistance of the federal government in the procurement of wheat so that the province does not face food shortage. He said th

1.7m families may be affected due to lockdown

THE NEWSPAPER'S STAFF CORRESPONDENT QUETTA: More than 1.5 million families will get severely affected if the lockdown continues for two months in Balochistan. Speaking at a press conference here on Saturday, Balochistan government spokesman Liaquat Ali Shahwani said that the number of affected families could reach 1.7m if the lockdown was extended for four months. He said financial assistance would be provided to 6.5m people in Balochistan in three phases under the Prime Minister’s Ehsaas Programme. He said Chief Minister Jam Kamal Khan Alyani has requested the federal government to increase the quota of beneficiaries of Balochistan from the Ehsaas Programme and the Benazir Income Support Programme. He said that Prime Minister Imran Khan during his visit to the Bolan Medical Complex quarantine center appreciated the efforts of the provincial government against the Covid-19 pandemic in the province. He said an isolation ward of 460 beds with all necessary equipment, surgical items a

CPEC: Unit price of Chinese, Pakistani labourers needs to be rationalized: PC

by  TANVEER AHMED  on  April 12, 2020 Business Recorder, Pakistan The Planning Commission of Pakistan has identified huge disparity in unit prices of Chinese skilled labourers and that of Pakistani labourers in ML-I project in China-Pakistan Economic Corridor (CPEC). According to comments of the Employment & Research Section of the Commission, the unit price has been calculated at the rate of US$59.65 and US$4.50 per man per day for Chinese and Pakistani labourers respectively. The unit price of Chinese skilled labourer is more than 1,300 percent higher as compared with the Pakistani labourer which needs to be rationalized, the Commission proposed. Moreover, the ratio of Chinese labourers to Pakistani labourers for different categories of work is 1:9, but in case of equipment installation and tunnel work, this ratio has been shown as 3:7 which needs to be reduced to an appropriate level for the purpose of cost rationalization, the Commission suggested. It has been mentioned in PC-I