Pakistan decides to ditch US dollar for Chinese yuan: Report

Shares
Pakistan decides to ditch US dollar for Chinese yuan: Report

ISLAMABAD: Pakistan has proposed China to consider the financing of Main Line-I (ML-I), a rail project worth over $9 billion, in Renminbi (RMB).

According to sources, Pakistan made this proposal during the recently concluded meeting of the Joint Coordination Committee (JCC) on the China Pakistan Economic Corridor (CPEC).

Sources said the Pakistani side had informed the meeting that it has already established the ML-1 Inter-Departmental Financing Committee. The Chinese side also agreed to constitute a high-level financing committee to negotiate in this regard.

In addition to this, the Pakistani side informed that the umbrella PC-1 of the project has been submitted to the Planning Commission and would be approved expeditiously. It was further added that the bidding documents were under process and would be finalised by Dec 15.

The JCC expressed satisfaction on the review of the preliminary design (Phase I) for ML-1 and agreed to expedite the preliminary design and review of the remaining subprojects.

Meanwhile, the JCC also reviewed the progress made on the Lahore Orange Line Metro Train project. The Chinese side was apprised that the issues pertaining to power and water supply and drainage have been resolved to a greater extent.

“The bidding process for the issuance of operations and maintenance (O&M) contract will be completed by Nov 30.”

Pakistan