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Showing posts from September 30, 2021

Trade suspended at Pakistan-Iran border in Gwadar

SAMAA | Sadaqat Ali Posted: 29-Sep-2021 | Last Updated: 16 hours ago samaa Trade has been suspended at the Pakistan-Iran border in Gwadar district of Balochistan, prompting fears among traders that truckloads of fresh fruit will go bad. Hundreds of container-laden trailers and other vehicles were stopped on both sides of the border due to the closure of the Rimdan border crossing, the second most important border checkpoint between Pakistan and Iran after Taftan. The Rimdan border crossing was opened in December 2020. Traders claim a recently deputed FIA inspector has stopped hundreds of vehicles at the border by making passports and visas mandatory for drivers on both sides. However, they say, drivers from Chaman, Mand, and Panjgur are exempt from carrying passports and visas under the Pakistan-Iran trade agreement. The FBR collects more than 500 million rupees a month in taxes from the Rimdan border crossing, according to a report released by the FBR last year. There is also a risk o

China spent twice as much as the US on overseas development, but its Belt and Road Initiative is losing momentum: study

Matthew Loh   Sep 30, 2021, 3:09 AM       China's is spending big on its Belt and Road Initiative, but it's at risk of losing its momentum, a study found. Host nations are canceling or suspending mega projects over concerns about corruption and incurring debt with China. 35% out of all Belt and Road projects were affected by major issues, research lab Aid Data found. See more stories on Insider's business page . China's Belt and Road Initiative — an ambitious program to build projects in more than 100 countries around the world and grow its global influence — is now being met with opposition from its hosts even as it outspends the US two to one on foreign development, according to a new study. Host nations are canceling or suspending major projects over fears of corruption, debt, and overpricing, per a  report  published Wednesday by Aid Data, a US-based research lab from the College of William and Mary. That's despite China forking out an average $85 billion a year

Most loans under CPEC at commercial rates: report

KAZIM ALAM KARACHI: A substantial chunk of Chinese development financing under the China-Pakistan Economic Corridor (CPEC) consists of loans that are at or near commercial rates as opposed to grants, according to a report released on Wednesday by AidData, a US-based international development research lab. Shedding light on Beijing’s global development programme, the report said Chinese loans under CPEC constitute 95.2 per cent and 73pc of total commitments in energy and transport sectors, respectively. China committed $34.4 billion in development finance to Pakistan between 2000 and 2017. Islamabad is the seventh largest recipient of Chinese overseas development financing with 71 projects worth $27.3bn currently under way. The interest rate is 3.76pc for an average loan with 13.2 years’ maturity (when full repayment with interest is due) and 4.3 years of grace period, it said. PM’s aide claims all corridor projects transparent, involve zero hidden loans In addition, the report claimed