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Synopsis
China has for the first time shown reluctance to approve a $6 billion loan for an infrastructure project in Pakistan, on concerns over its growing debt.
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China has for the first time shown reluctance to approve a $6 billion loan for an infrastructure project in Pakistan, on concerns over its growing debt. The railway sector project is under the China Pakistan Economic Corridor (
CPEC), the crown jewel under Beijing s Belt and Road initiative.
China recently expressed concern about Pakistan’s mounting debt, including the International Monetary Fund’s requirements for the Pakistani government to avail loans, ET has learnt from informed sources. The project has been delayed by over three years against the original timeline agreed between Beijing and Islamabad.
National
May 10, 2021
ISLAMABAD: In commemoration of 70 years of Pakistan-China diplomatic relations, the Pakistan-China Institute has organised a webinar titled Future leaders in shaping Pakistan-China relations .
The conference was arranged under the Friends of Silk Road initiative and the webinar was arranged to understand and facilitate bilateral youth exchanges under the China Pakistan Economic Corridor (CPEC) as it enters its second phase.
This was the first-of-its-kind bilateral dialogue aimed at engaging the youth of both countries. An illustrious panel of eight speakers, including young parliamentary leaders, Senator Qurratul Ain Marri and Senator Dr Afnanullah Khan, participated in the webinar. The keynote speakers were divided into two sessions, which was moderated by Qianli Liu, Editor of Guancha, while opening remarks were given by Mustafa Hyder Sayed, Executive Director Pakistan China Institute.
Circular debt also hits CPEC projects
Government unable to clear payment of energy projects worth Rs188b
The outstanding amount is only 18.4% of the total billed amount of Rs1.02 trillion, which is not a very large sum, said the PM’s aide. PHOTO: FILE
ISLAMABAD:
The China Pakistan Economic Corridor (CPEC) power projects are also hit by the circular debt and the government has not been able to clear Rs188 billion due payments in breach of a bilateral energy framework agreement.
Although, the outstanding payments are only 18.4% of the billed amount, it has started affecting the financing models of the Chinese sponsors of the Independent Power Producers (IPPs), set up under the CPEC agreement.
Ex-PM Sharif ousted through judicial coup’
The PML-N stalwart claimed that the political destabilisation was the reason of economic collapse
Ex-premier Nawaz Sharif says her daughter Maryam Nawaz being threatened that if she doesn t stop she will be smashed . SCREENGRAB
ISLAMABAD:
Pakistan Muslim League Nawaz (PML-N) Secretary General Ahsan Iqbal on Friday said that former prime minister Nawaz Sharif was ousted through a “judicial coup” after political destabilisation was created in the country in 2017-18. The PML-N stalwart claimed that the political destabilisation was the reason of economic collapse, which forced the Pakistan Tehreeke-Insaf (PTI) government to go for International Monetary Fund (IMF) deal in its first year.