IPI Recommends Structural Reforms To Gain Better Results From CPEC's Next Stage

IPI Recommends Structural Reforms To Gain Better Results From CPEC's Next Stage
Islamabad Policy Institute (IPI) on Wednesday said that to gain maximum benefit from the next stage of the China-Pakistan Economic Corridor (CPEC) related cooperation with China, Pakistan needed broad structural, industrial and economic reforms.

Reforms were needed to stabilize the fiscal balance of payment and establish mechanism through which timely payments could be made to Chinese operators at newly-installed power plants, IPI said in a report titled ‘BRI & CPEC: Venturing into the Future’.

IPI, an Islamabad based think tank, on the occasion of the second Belt and Road Forum (BRF) being held in Beijing from April 25 – 27 gave background of the BRI, its vision and elements including brief introduction of overland and maritime corridors.

It also brings out areas of policy collaboration; gives an overview of the first BRF, its outcomes and also provides an introduction of the second BRF.

The reports looks into the current state of cooperation in all sectors and also charts likely course of CPEC's evolution in short-to-medium term. It also gives recommendations to Chinese and Pakistani policy-makers on how to enter the next stage of the project and expand the scope.

Chairman Senate Foreign Relations Committee Senator Mushahid Hussain Sayed said: “CPEC has resolved Pakistan’s chronic energy crisis, revived dead projects like Gwadar Port and Thar coal, given gainful employment to 7000 Pakistanis. Furthermore, CPEC is uniting the Federation of Pakistan, bringing together the less developed areas in the quest for a better tomorrow.”

IPI Executive Director Prof Sajjad Bokhari said that CPEC is a vital project and to be successful, multi-dimensional cooperation is needed. He said improved connectivity was only possible through training and skills development.

Faisal Ahmed, who authored the report, said that CPEC enables Pakistan to catch-up with the world's leading economies. He believed that CPEC can only be successful through prudent policy-planning and implementation. He also called for enhanced communication between Islamabad and Beijing for this purpose.

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