CPEC Projects funds halted: Foreign Office responds to the news

CPEC Projects funds halted: Foreign Office responds to the news

ISLAMABAD – Pakistan Foreign Office (FO) on Thursday has responded over the news of the CPEC projects funding being halted by China.

Foreign Office rejected the reports that Beijing had halted payments on any of the China-Pakistan Economic Corridor (CPEC) projects in contradiction with what Interior Minister Ahsan Iqbal expressed before a parliamentary committee, a few days back.

During a weekly briefing, FO Spokesperson Dr Muhammad Faisal said there was no news from Beijing that the Chinese government was halting funding for any of the projects, clarifying that execution of payments takes place in specific manner.

Earlier on Monday, Ahsan Iqbal who also holds portfoilio of Planning and Develop­ment had said that China had halted the release of funds for three CPEC projects till the revision of its ‘financial mechanism’ by Beijing,

The minister revealed this while giving a briefing to the Parliamentary Committee on CPEC during 25th meeting on Monday which met under the chairmanship of Senator Mushahid Hussain Sayed.

 Ahsan Iqbal had informed the committee that the Chinese side was reviewing the financial mechanism of the projects and these would be started upon receipt of approval from the Chinese side.

It was also reported that China had temporarily stopped funding some projects, particularly those related to the road network under CPEC , till a further decision on ‘new guidelines’ by Beijing.

The reports had claimed that China has stopped releasing funds for the 210-km Dera Ismail Khan-Zhob Road project, 136-km remaining portion of Karakoram Highway (KKH) from Raikot to Thakot and 110-km Khuzdar-Basima Road.

During the meeting, the minister also gave a briefing to the members regarding the Long Term Plan of CPEC which has been agreed to by both Pakistan and China at the last meeting of the Joint Cooperation Committee (JCC) on November 21, 2017.

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