In Pakistan, voices critical of CPEC being suppressed, US lawmakers told

Agencies
May 14, 2019

Washington, May 14: People and the media in Pakistan are scared of speaking against the multi-billion-dollar China Pakistan Economic Corridor (CPEC) as critical voices are being suppressed, treated as anti-national or branded as terrorists, a former Obama Administration official has told US lawmakers.

"Rarely will you read an article that's critical about CPEC in the Pakistani media. Very rarely. There's been a media capture essentially and there's only the CPEC narrative because people are scared or they've been intimidated or threatened not to do certain pieces," Shamila Chaudhary from the Johns Hopkins University School for Advanced International Studies said.

Testifying before a Congressional committee last week, Chaudhary, who served in the previous Obama Administration, told the lawmakers that at the very local level, people who critique CPEC are often labelled as terrorists.

"There are anti-terrorism laws that can be used against them. Worse things could possibly happen. So it's a very real threat and it has already done a lot of damage to the civil society and the democratic culture that's fairly vibrant, despite their country's history with democracy," she said.

Responding to questions from the lawmakers, Chaudhary said unlike America's soft power, the Chinese model of development does not increase people to people relationship.

"The Chinese don't have that and the Chinese nationals that are going to, say, Pakistan, for example, they're not there to become part of the culture or learn about the communities or have cross-cultural dialogue," she said.

Chinese are in Pakistan to make money, she alleged. "They live in enclaves and essentially what people call Chinese colonies and go to their own restaurants. And that's not something that's going to favour China, Pakistan or China's cooperation with any country for that matter over the long run. Local communities will be very upset by those things, I believe," Chaudhary said.

Informing the lawmakers that the Chinese financial assistance to Pakistan is being kept secret, she said the information now has been shared by Pakistan with the International Monetary Fund (IMF) so that it can be bailed out of the current financial crisis.

"The deal (with IMF) is almost complete and it's my understanding that that information has actually been shared, and so, you know, what Pakistan won't share publicly as part of a bilateral deal with the Chinese, I think it's more willing to share when it needs it," Chaudhary said.

CPEC, she said, hurts US regional interests by disrupting the fragile India-Pakistan ties, a nuclear-fuelled dynamic that demands US stewardship from time to time during times of crisis.

"China's provision of surveillance, data collection capabilities and new hardware to the Pakistani military may seem like it improves security, but such tools also increase the likelihood of invasive data collection, misuse of information and violations of privacy," she said.

"The notion that the Pakistani military might start to mimic Chinese authoritarianism is no longer theoretical. Pakistani civil society and media report more aggressive tactics by the military to silence critical voices. They share a common refrain, that the military is more powerful than ever and that's because of China," Chaudhary said.

She told the lawmakers that in Pakistan, Chinese influence stands alone, changing the rules of the game for everyone else.

For example, Pakistan no longer publicly discloses the terms of its loans from China. Indeed, CPEC pretends immense geo-economic and geopolitical advantages for China in Pakistan, but its repercussions will dwarf any comparable American influence, she said.

To protect US geopolitical options in the future, the US should support the Pakistani and regional actors most threatened by Chinese influence. Ultimately, countering China's rise will require the US to create policies that both address and benefit from the needs of other countries, Chaudhary said.

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News Network
June 2,2020

New Delhi, Jun 2: Congress leader Rahul Gandhi on Monday took a jibe at Prime Minister Narendra Modi over Moody's Investors Service downgrading India's sovereign rating to the lowest investment rate and said that the global rating agency has rated his handling of the country's economy "a step above junk".

"Moody's has rated Modi's handling of India's economy a step above JUNK. Lack of support to the poor and the MSME sector means the worst is yet to come," the Congress leader tweeted citing a media report on Moody's downgrading the nation.

On Monday, Moody's downgraded the country's rating to "Baa3" from "Baa2". This comes at a time when the government is facing criticism from the Opposition over its handling of the COVID-19 situation and measures to boost the economy.

The government has already announced a stimulus package of Rs 20 lakh crore to deal with the situation.

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Agencies
March 10,2020

Bhopal, Mar 10: The number of MLAs who have resigned from the Congress in Madhya Pradesh climbed to 20 on Tuesday afternoon with another legislator quitting the ruling party, sources said.

While 19 MLAs, most of them believed to be loyal to expelled party leader Jyotiraditya Scindia, have sent their resignation letters via e-mail to Raj Bhavan, Bisahulal Singh submitted his resignation letter as an MLA to the Assembly speaker.

"We have received resignations of 19 MLAs through e-mails with attachments," a Raj Bhawan official told PTI.

Sources in Congress produced a copy of Bisahulal Singh's resignation letter which he submitted to the speaker.

Former chief minister and senior BJP leader later announced that Singh (65) has joined the BJP.

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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