World News | Nepal's Ruling Parties at Loggerheads over BRI as Nepal PM Announces to Visit China on December 2

Kathmandu [Nepal], November 22 (ANI): Nepal's ruling parties-Nepali Congress and CPN-UML (Communist Party of Nepal- Unified Marxist Leninist) are at loggerheads over Belt and Road Initiative (BRI) as Oli announced a visit to China from December 2.

Both the parties on board the government have varied opinions about BRI pact introduced by China. CPN-UML led by Oli has been pressing the Sher Bahadur Deuba-led Nepali Congress to agree for selective projects to be funded under BRI in the form of loans.

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As the CPN-UML led by Oli converged a mass gathering in Kathmandu to show power which it claimed to raise awareness amongst people, Oli announced his planned visit to China. He also signalled that he intends to sign a few projects be it in loan during the visit with the coalition partner as well as the biggest party in parliament, the Nepali Congress.

"Under my leadership, a team comprising members of the government will be going to China. As a Prime Minister, I am embarking on a visit to China from 17th Mangsir (December 2) and the visit will be very successful. I will explain to you how it was successful, you obviously would know it also I will update you about the achievements thus made. It's not that am going to China to roam around, it is for the benefit of the country, for the well-being of the country visits to foreign countries are made. We are presenting those visits as achievable and successful. It also would be an exemplary as well, I can confidently say it," Prime Minister Oli said in his address.

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Furthermore, Oli insisted on signing up for loans from China under the BRI framework as he started giving examples of the country's developmental stories.

"As much as possible we don't want to take loans from anywhere; we are not in the condition that we can add on more loans but we have to increase our production. How can we increase our production? It's not something that we need to be depressed about. Rather we should be hopeful and raise awareness within our circle, other smaller countries aren't in the place where they're now," Oli stressed.

Hours before the CPN-UML hit the street and Oli asserted on signing up for loan under BRI, the coalition partner- Nepali Congress had resolved to refrain from taking new loans under the framework until the Chinese government fulfils its grant commitments.

During a meeting at the Federal Parliament building, to discuss Nepal's current economic situation and reform measures, the Nepali Congress decided against acquiring new loans associated with the BRI.

Former Finance Minister and spokesperson of Nepali Congress, Prakash Sharan Mahat said the discussions highlighted that existing commitments from China must be honoured.

"The Nepali Congress is not opposed to the BRI, we are simply saying that we cannot take on new loans at this time," he explained.

"In terms of the support we need for connectivity, we initially required grant assistance for road construction. Many of the commitments made by the Chinese government in grants have yet to be fulfilled, and those need to be addressed first."

Mahat further emphasized, "If the grant implementation itself is lagging, what is the point of discussing loans? The debt burden is already increasing. Therefore, we should avoid taking loans from any government, including the Chinese government."

While the Chinese government is expected to implement grant commitments under the BRI, Mahat reiterated that new loans should not be pursued immediately.

"Regarding the BRI framework, are we attempting to combine other strategic security aspects into this? We believe these matters require careful consideration," he stated.

"For now, the focus should be on implementing the grants, especially those under the BRI, and avoiding new loans," he added. (ANI)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)