Pakistan allocates Rs 45 billion to boost security for Chinese business operations
- In Reports
- 03:36 PM, Oct 04, 2024
- Myind Staff
Pakistan has announced an additional budget allocation of Rs 45 billion to strengthen its military, focusing on protecting Chinese commercial interests and enhancing border security. The decision was made during a meeting of the Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb, according to reports from The Express Tribune.
Of the total amount, Rs 35.4 billion will be allocated to the army, while the navy will receive Rs 9.5 billion. The funds aim to bolster security, particularly around key Chinese investments and the fencing of Pakistan’s international borders. This move follows an earlier supplementary grant of Rs 60 billion for Operation Azm-e-Istehkam and comes on top of the already approved Rs 2.127 trillion defence budget.
China has expressed concerns over the rising threat of terrorism, pushing for an agreement on anti-terror cooperation with Pakistan. In response, Pakistan is working on measures to safeguard Chinese workers and infrastructure under the China-Pakistan Economic Corridor (CPEC) initiative. China has also suggested the creation of a joint security company to protect Chinese nationals currently in Pakistan or arriving during the second phase of CPEC projects.
Phase I of CPEC has seen the completion of 38 projects worth $25.2 billion, with 17 of them, valued at $18 billion, in the energy sector. However, security concerns have slowed down work on additional projects under Phase II, which are valued at $26.8 billion. To address these concerns, China has proposed including a mobile security equipment project and a plan for ballistic protective vehicles in the next phase of the initiative.
CPEC, launched in 2015 as part of China’s Belt and Road Initiative, aims to strengthen economic ties between China and Pakistan by building infrastructure such as roads, railways, pipelines, and energy projects. However, the increasing number of terror attacks has raised security challenges, prompting China to push for stronger protective measures for its investments and workers in Pakistan.
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