Shehbaz Sharif, the Prime Minister of Pakistan, on Monday, authorized the appropriate authorities to release Rs. 50 billion to Chinese Independent Power Producers (IPPs) as the first installment of Rs. 340 billion in unpaid dues.
The Prime Minister presided over a meeting in which the immediate payment was approved. The amount accumulated to Rs. 340 billion due to the failure to form a revolving account as required by CPEC and delays in payments over a four-year period.
The PM was updated by the planning secretary on the progress made so far on special economic zones (SEZs), the multibillion-dollar ML-1 project, the Karachi Circular Railway, and power sector initiatives, particularly solar energy.
He stated that the government was working to provide all types of infrastructure in order to expedite the CPEC project.
He stated that the government has set a date for the completion of all CPEC projects and that these deadlines will be followed to avoid project delays.
Later, Prime Minister Shehbaz Sharif presided over a conference of CEOs from Chinese companies involved in CPEC projects in Pakistan. The meeting was attended by Planning Minister Ahsan Iqbal and senior officials from the Chinese embassy.
The meeting was attended mostly by representatives from Chinese enterprises involved in CPEC road, port, and energy projects.
In the meeting, the firms’ representatives heaped complaints on Prime Minister Shehbaz Sharif, claiming that progress on the CPEC projects had been nearly frozen for the past four years.
The Prime Minister issued a series of instructions on the spot to address the issues raised by the CEOs of the corporations. The businesses have expressed their approval of the coalition government’s actions.
They hoped that work on the CPEC projects would now be completed at “Pakistan Speed.” They hoped that the next government, which will be constituted after next year’s elections, would prioritize CPEC projects.
To read our blog on “PM Shehbaz has asked Karachi businessmen to devise a strategy for a $1 billion Saudi investment,” click here.
