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Belt and Road

Pakistan slashes budget for Belt and Road Initiative projects

Completion date for Karachi-Peshawar rail link even more uncertain

Major China-backed infrastructure projects in Pakistan are being slowed in the wake of the COVID-19 pandemic.   © Reuters

KARACHI -- Pakistan has chopped a third of its contribution to the China-Pakistan Economic Corridor (CPEC), a high profile component of China's massive Belt and Road Initiative, setting back some flagship projects backed by China's President Xi Jinping.

With the economic damage caused by the COVID-19 pandemic still being tallied, the annual CPEC allocation has been reduced from $241 million last year to $159 million in the budget running to June 2021.

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