March 17, 2024
1 min read

Pakistan Stands Firm: No More Money for CPEC

The global lender is also questioning the efficacy of the power sector’s anti-theft campaign….reports Asian Lite News

 Pakistan has assured the International Monetary Fund (IMF) that it does not plan to allocate an additional budget to settle the Rs 493 billion dues of Chinese power plants, media reported.

The global lender is also questioning the efficacy of the power sector’s anti-theft campaign.

The IMF inquired about the Pakistan government’s decision on the allocation of funds for the Chinese power plants over and above the budgeted amount of Rs 48 billion for this fiscal year, Express Tribune reported.

The IMF was informed that there was no plan to approve additional funds for retiring the outstanding debt of the Chinese power plants.

The outstanding dues of power projects of China-Pakistan Economic Corridor (CPEC) alarmingly increased to a record Rs 493 billion or $1.8 billion as of January-end. The amount was Rs 214 billion or 77 per cent higher than June last year.

The build-up of Chinese debt violates the 2015 Energy Framework Agreement, which binds Pakistan to allocate sufficient money in a special fund to keep Chinese investors immune from the circular debt.

Sources said the IMF appeared sceptical about the long-term success of the government’s anti-theft campaign and the military’s involvement in monitoring the performance of power distribution companies, Express Tribune reported.

ALSO READ: EXODUS: Pakistanis Fleeing Amid Economic Turmoil and Political Uncertainty

Previous Story

Kamal Haasan takes a dig at BJP over LS poll dates

Next Story

Western belt farmers hold key to success in Odisha’s twin polls

Latest from -Top News

World Bank Warns of Growing Poverty in Pakistan

Instead of concentrating on rural development to reduce poverty, the Pakistan government has been focused more on increasing defence expenditure….reports Asian Lite News The World Bank has voiced deep concern over Pakistan’s

Peace in Afghanistan Vital, Says India

The Indian delegation at the meeting was led by Ambassador to Russia Vinay Kumar who expressed support for independent, peaceful and stable Afghanistan….reports Asian Lite News On Tuesday, India reaffirmed that a

India, Qatar Strengthen Trade Ties

Goyal expressed optimism about the growing economic engagement between the two countries, stating, “Glad to meet Ahmed bin Mohammed Al-Sayed….reports Asian Lite News Union Minister of Commerce and Industry Piyush Goyal met

Keir Starmer Lands in Mumbai for First India Visit

The visit, described by No.10 Downing Street as a “two-day trade mission to Mumbai,” is focused on strengthening trade ties…reports Asian Lite News United Kingdom Prime Minister Keir Starmer arrived in Mumbai
Go toTop

Don't Miss

Pak army chief vows to root out terrorism

During his visit to blast site, COAS General Asim Munir,

Imran’s ominous statement: Probably my last tweet before arrest’

Eyewitnesses maintained that they could see heavy deployment of police