NEW DELHI: China has halted the release of funds for three key projects under the $50 billion China- Pakistan Economic Corridor (CPEC) till Beijing revised its financial mechanism, a media report on Tuesday 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. The decision by the Chinese government is likely to hit over 1trillion Pakistani rupees worth of road projects of the Pakistan's National Highway Authority (NHA), the Dawn had reported last week.
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. The decision by the Chinese government is likely to hit over 1trillion Pakistani rupees worth of road projects of the Pakistan's National Highway Authority (NHA), the Dawn had reported last week.
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