Connect with us

Asia Pacific

Pakistan Requests China To Ease Payments For CPEC Power Projects

Published

on

In efforts to minimize financial and economic difficulties, cash-strapped Pakistan has requested China to ease the payment obligations of over USD 30 billion in power projects under the China-Pakistan Economic Corridor (CPEC). 

China Will Turn Pakistan Into Another Sri-Lanka Despite IMF Loans: Forbes Report

Linking Pakistan’s Pakistan’s strategic Gwadar Port on the Arabian Sea and China’s resource-rich Xinjiang Uyghur Autonomous Region, the CPEC is a planned network of roads, railways, and energy projects.

Launched in 2015 when Chinese President Xi Jinping visited Pakistan, it now foresees an investment of over USD 50 billion in different projects. As Pakistan’s circular debt liabilities crossed Rs 2 trillion (over USD 11 billion), the relaxation in payments comes as a part of efforts the country is making to secure discounts and savings on power purchases from independent power producers reports the Dawn. 

How India Is Winning Hearts, Minds & Money Via A Simple Anti-Malarial Drug?

A Cabinet member, based on anonymity, said the Chinese leadership had advised the National Development and Reforms Commission (NDRC) of China to discuss the matter with the financial institutions (mostly owned by the government). He said the matter could move forward under the aegis of the CPEC’s Joint Working Group (JWG) on Energy before taking a clear shape.

Pakistan’s capacity payments alone were estimated to be closer to Rs 600 billion (USD 3.5 billion) this year and the member brought up about the time Pakistan had formally taken up the issue with China during the recent visit of President Arif Alvi to Beijing.

Is China Planning To Attack Taiwan When US, Europe Are Busy With Covid-19?

Among the others who were present during the presidential delegation to China on March 17 were foreign Minister Shah Mehmood Qureshi and Minister for Planning, Development and Special Initiatives Asad Umar, who also heads the Cabinet Committee on Energy.

The real problem was addressed by  Pakistan PM Imran Khan who said the capacity payments could go beyond Rs 1.5 trillion in a few years, which would be beyond the repayment capacity of the people.

Diplomacy or Indian Army – What’s The Way Forward To Deepening Crisis In The Rakhine State Of Myanmar?

After a meeting with Chinese Ambassador to Pakistan Yao Jing, Adviser to the Prime Minister on Finance and Revenue Abdul Hafeez Shaikh said ” Pakistan looks forward to Chinese support in dealing with this unprecedented situation arising out of this (COVID-19) pandemic.” in an official statement.

Advertisement
Advertisement

Facebook

FEATURED

F-15EX-india F-15EX-india
Americas4 hours ago

Not The F-16s or F-35s, This Is The World’s Deadliest Fighter Jet With 100 Kills, Without A Single Loss

Over the years, the United States has developed a strategic military partnership with Israel by equipping them with the world’s...

putin-russia putin-russia
EurAsian Region5 hours ago

Russian Sukhoi Su-34 Jet Displays ‘Path-Breaking’ Capabilities; Makes Its First Flight Into The Stratosphere

Russian fighter-bomber aircraft Su-34 carried out a night-time combat exercise reaching to the heights of 15 kilometers at lower stratospheric...

Putin-Macron Putin-Macron
Europe8 hours ago

French President Emmanuel Macron Blames Azerbaijan For Starting Conflict With Armenia

French President Emmanuel Macron on Wednesday voiced solidarity with Armenia amid its conflict with Azerbaijan over disputed Upper Karabakh region....

Israel-Turkey Israel-Turkey
Europe11 hours ago

Greece Turning Into Another Israel: The Way US Backed Israel, EU Is Supporting Greece – Turkish Experts

With growing military confrontations in the Eastern Mediterranean between Greece and Turkey, several European Union (EU) nations have got itself...

Indian-Flag Indian-Flag
Featured11 hours ago

200,000 Muslim Children Disappeared From Uttarakhand Overnight: Another Smear Campaign Or Truth?

A news is getting viral on WhatsApp and Social media in India which EurAsian Times has access to. The news...

INDIA-CHINA-WAR INDIA-CHINA-WAR
Asia Pacific12 hours ago

How India, China Conflict In Ladakh Is Becoming A ‘Test Platform’ For Drone Technology?

In a bid to compete with one another, India and China have been deploying their heavy weaponry and latest armaments...

India-Pakistan ties India-Pakistan ties
Featured12 hours ago

Pakistan Slams India For “Illegally” Freezing Amnesty’s Bank Accounts

Pakistan’s foreign minister – Shah Mahmood Qureshi on Wednesday lamented India “illegally” freezing Amnesty International’s bank accounts and called on...

PAK-DA-RUSSIA PAK-DA-RUSSIA
Featured15 hours ago

Russia, China or The US: Which Country’s Air Force Operates The World’s Fastest Fighter Jets?

Ahead of the dawn of sixth-generation fighter jets including Britain’s “Tempest”, US’ secret fighter under NGAD program, and proposed Russian...

Trillion-Dollar-Infra Trillion-Dollar-Infra
Americas18 hours ago

“Shut-Up Man!”: Donald Trump Has A Face-Off With Joe Biden At US Presidential Debate

US President Donald Trump and Democratic nominee Joe Biden clashed Tuesday evening during a political showdown that repeatedly broke down...

rafale-jets rafale-jets
Featured19 hours ago

After The Rafale Fiasco, How Will Indian Armed Forces Benefit From The Removal Of Offset Clause?

The Rafale fighter jets were back in the media limelight when the Comptroller and Auditor General of India (CAG) reprimanded...

Advertisement