Pakistan denies reports of Chinese-only housing project

A general view of the port before the inauguration of the China Pakistan Economic Corridor port in Gwadar, Pakistan. (REUTERS)
Updated 21 August 2018
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Pakistan denies reports of Chinese-only housing project

KARACHI: The Gwadar Development Authority (GDA) on Tuesday denied reports of a Chinese-only housing project being planned for those working on the China-Pakistan Economic Corridor (CPEC).
“Chinese nationals in Gwadar live within the port and free zone’s financed areas,” GDA Director-General Dr. Sajjad Hussain Baloch told Arab News. 
There are media reports that 3.6 million square feet of land has been bought by the China-Pakistan Investment Corp. (CPIC) to build a $150 million gated community for 500,000 Chinese nationals. 
“This will be the first such Chinese city in South Asia,” an Indian newspaper reported. “Only Chinese citizens will live in this gated zone, which basically means that Pakistan will be used as a colony of China.” The newspaper reported that there is considerable local resentment about this.
But Baloch said: “There’s no such scheme on the cards. No Chinese-specific project is going to be built.”
Yang Ming, an official at the Chinese Embassy in Islamabad, did not respond to queries from Arab News about the project.
But an official in Pakistan’s Ministry of Planning and Development said news of such a project “is completely false and in line with earlier news reports against CPEC.”
Senior analyst Ahmed Iqbal Baloch described such reports as propaganda against CPEC. “Some real estate developers also float such news in order to attract investment in their projects,” he told Arab News.


What is pulling Pakistan’s currency six feet under?

Updated 23 May 2019
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What is pulling Pakistan’s currency six feet under?

  • Arab News hits the money trade markets to ask what factors are pushing the rupee down
  • Traders, businessmen, and citizens in a state of panic triggered by a dollar frenzy

ISLAMABAD: Pakistan’s rupee reached a new record low this week, selling at 153 against the dollar in the interbank market on Monday, continuing a slide that saw it lose more than 5 percent last week in the wake of a $6 billion loan accord with the International Monetary Fund.
Almost ten days after the new IMF accord, money traders are still uncertain which direction Pakistan’s currency will move. Some expect it will eventually stabilze while others are pessimistic about its future. But most traders, businessmen, and citizens across the country remain in a state of panic triggered by the dollar frenzy. 
Arab News hit the money trade markets in Islamabad to gauge the gravity of the situation and explore prime factors pulling Pakistan’s currency six feet under.