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International Monetary Fund can offer policy advice, financial support for Belt and Road Initiative

20 May 2017

According to reports in The Economic Times, Japan, India and East Africa are mulling to fund several infrastructure projects.

The two countries are also likely to join hands to develop Dawei port along the Thai-Myanmar border.

China's president Xi Jinping's plan is to strengthen worldwide economic ties by investing in infrastructure from high-speed railways to ports, along the lines of a Silk Road economic belt and 21st century maritime silk road. The meeting was attended by 29 world leaders, including Pakistan Prime Minister Nawaz Sharif.

India had skipped so called New Silk Road meeting due to its sovereignty concerns over the Dollars 50 billion China-Pakistan Economic Corridor which passes through Pakistan-occupied Kashmir (PoK).

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China is investing tens of billions of pounds in upgrades to ports, roads and railways - including outside the country - under the initiative to boost trade. A high-level European Union diplomat, who spoke to The Guardian on condition of anonymity, said that for Europe, the Belt and Road initiative can only be a success if it's based on transparency and co-ownership.

China Foreign Ministry Spokesperson Hua Chunying said, "President Xi Jinping also said that we should build the Belt and Road into a road for peace".

Other development banks are getting involved.

In its diplomatic note to China's Foreign Ministry, the USA embassy in Beijing said the invitation to North Korea sends the wrong message at a time leaders all over the world are trying to pressure Pyongyang over its repeated nuclear and missile tests. The government claims the project infringes on India's sovereignty as part of the project passes through the disputed Kashmir region and Pakistan. We keep saying that the Belt and Road is an open and inclusive initiative.

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The two countries are already collaborating in infrastructure development in northeast India and the Andaman and Nicobar Islands.

The Belt and Road Initiative is highly aligned with the United Nations 2030 Agenda for Sustainable Development, and the new agreements will help Belt and Road countries realize the 2030 Sustainable Development Goals, said Yu.

On the conditions of anonymity, a diplomat informed that France, Germany, Estonia, Greece, Portugal and Britain are the countries which have refused to sign the project.

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International Monetary Fund can offer policy advice, financial support for Belt and Road Initiative