just one correction, paki did get a benefit from CPEC. They got new power plants constructed in record time, more than 5 gw.
looks like power cuts have also reduced considerably in past two years.
Was checking HUBCO’s( they have 10 gw power generation portfolio) last balance sheet, their profits increased considerably. But their profits increased while their revenue decreased, not sure what exactly this means.
cpec is a blessing in a very narrow sense if at all.
see there is a general reason why anyone would say that china style debt diplomacy is bad for the recieveing nation.that is,it puts the country into a debt trap and siphons money into the interest payment which it could otherwise use for development.this is however for normal countries.
pakistan is not a normal country and actually does benefit albiet marginally.
it is more of insult wrapped in compliment that i am going to give now.
the pak people and governemnt are so incompetent,unambitious with their only dreams is to be the best islam practioners,that for the few people who are interested in development,the chinese debt trap cpec MIGHT ACTUALLY BE BETTER THAN what their government and people would have planned and done.
yes they are saddled with debt,but when have they not been saddled.yes they will be controlled in some decisions of state by the debtor,but when have they not sold their autonomy to someone else.some countries you must realize are so stupid and directionless that even a loan shark offering free money to hook them onto their schemes is still better than normally following their scheduled programming as they would have no cheap cash to splurge and no idea how to spend and invest the little they have.
pakistan got a few power plants and some roads in exchange for debt and loss of control of certain institutional decision making powers which would be bad for a normal country like sri lanka,bangladesh,india,etc.but this taking into account those normal countries and their population and leadership have the forsight and brains and ambition to make something of themselves with their existing resources.
in other words the oppotunity cost of being saddled with debt and lossing control is not high for pakistan as for other normal countries.
it like that dialogue in kung fu panda : pakistan is fine with china taking over pakistan and being china's slave as it will be less painless and embarassing than continuing to exist as a true pakistani on some level as they dont believe in their own ability to pull themselves up.
pakistan is fine with with fate and treatment as long as it does not go below the threshold it has defined for itself where we often project our own threhold and ambitons on it.it is better than waking up and being just pakistani.