'Work on 3 CPEC projects halted till China's nod'

Iqbal could not convince the committee members as to why the Chinese government had opted for a new financial mechanism and scrapped the previous one which was agreed upon by both countries, the report said.

PTI
Islamabad, Publish Date: Dec 12 2017 11:47PM | Updated Date: Dec 12 2017 11:47PM
'Work on 3 CPEC projects halted till China's nod'

China has halted the release of funds for three key projects under the USD 50 billion China- Pakistan Economic Corridor (CPEC) till Beijing revised its financial mechanism, a media report today quoted Minister for Planning and Development Ahsan Iqbal as saying.

The minister informed a parliamentary committee meeting on the CPEC that the Chinese side was reviewing the financial mechanism of these projects and work on them would restart after receiving approval from Beijing, Dawn newspaper quoted a press release by the National Assembly Secretariat as saying.

Iqbal could not convince the committee members as to why the Chinese government had opted for a new financial mechanism and scrapped the previous one which was agreed upon by both countries, the report said.

It was 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 decision by the Chinese government is likely to hit over 1 trillion Pakistani rupees worth of road projects of the Pakistan's National Highway Authority (NHA), the Dawn had reported last week. PTI