Pakistan: PM Shehbaz Sharif orders release of Rs 50 billion to Chinese IPPs

Islamabad [Pakistan], May 31 (ANI): In order to set in motion the squeaky wheels of Chinese projects in the country, Pakistan Prime Minister Shehbaz Sharif ordered the release of Rs 50 billion to Chinese Independent Power Producers (IPPs).
Shehbaz said that his government was moving towards providing all kinds of facilities to pace up work on China-Pakistan Economic Corridor (CPEC) projects, reported The News International.
Shehbaz on Monday directed the authorities concerned to immediately release Rs 50 billion to Chinese Independent Power Producers (IPPs) as the first instalment out of outstanding dues of Rs 340 billion.
The PM chaired a meeting here and approved the immediate payment. With failure in opening up a revolving account as envisaged under CPEC and delays in payments over four years, the amount piled up to Rs 340 billion, reported The News.
The planning secretary briefed the PM about the progress achieved on special economic zones (SEZs), the multi-billion-dollar ML-1 project, Karachi Circular Railway, and power sector projects, especially for solar energy.
He said that the government envisaged a deadline for completion of all CPEC projects and these timelines would be adhered to avoid delays in the completion of projects.
Later, Prime Minister Shehbaz Sharif chaired a meeting of chief executive officers (CEOs) of Chinese companies working on CPEC projects in Pakistan. Planning Minister Ahsan Iqbal and the Chinese embassy's senior officials attended the meeting.
The officials of Chinese companies engaged with CPEC road, port and energy projects especially participated in the meeting. The companies' representatives heaped complaints on PM Shehbaz Sharif in the meeting, saying work remained almost halted on CPEC projects during the past four years, reported The News.
The PM issued various orders on the spot for resolving the issues, pointed out by the company's CEOs. The companies expressed their satisfaction with the measures taken by the coalition government.
They hoped work on CPEC projects would be carried out and completed on "Pakistan Speed" now. They hoped the new government to be formed after elections next year would give priority to CPEC projects, reported The News. (ANI)