Advertisement
With Sharif gone, what happens to China’s investments in Pakistan now?
China has a lot riding on Pakistan, that’s where its showpiece Belt and Road project is located
Reading Time:4 minutes
Why you can trust SCMP
China has been assured by Pakistan’s powerful military and politicians that its multibillion-dollar Belt and Road investments would not be disrupted by the landmark verdict on Friday that felled Prime Minister Nawaz Sharif, even though some of its investments could come under the widening corruption probe currently playing havoc with Pakistani politics.
Speaking at a July 12 conference, Pakistani Army Chief of Staff General Qamar Javed Bajwa said it was his “dream” to see Pakistan become a middle income economy at the conclusion of the US$62 billion China Pakistan Economic Corridor (Cpec) programme in 2030.
“China would likely urge the government, and the military for that matter, to move as quickly as possible to effect a peaceful transfer of power. China has a strong incentive to see through a smooth transition, and Pakistan, because of the deep significance it ascribes to Cpec, does as well,” said Michael Kugelman, deputy director of the Asian programme at The Woodrow Wilson Centre.
Advertisement
Sharif was disqualified after the court invoked character-related clauses in the constitution against him for lying about the source of finances channelled through offshore Panamanian companies into luxury apartments in the prestigious Mayfair area of London.
Panama papers: defiant Pakistan PM Nawaz Sharif lashes out at ‘slander’ of family as panel probes wealth
The Sharif family’s offshore companies came to light after the leaking of Panama Papers documents in April 2016 from the legal firm Mossack Fonseca. The court ordered the government’s National Accountability Bureau to prepare charges of corruption, money laundering and fraud against Sharif and his three adult children. An accountability court will deliver its verdict on the charges by mid-October.
Advertisement
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x