The Pakistan government has set up Pak-China Relations Steering Committee to remove hurdles in the execution of China-Pakistan Economic Corridor (CPEC) projects, in a bid to give a push to the multibillion-dollar strategic initiative
The Pakistan government has set up Pak-China Relations Steering Committee to remove hurdles in the execution of China-Pakistan Economic Corridor (CPEC) projects, in a bid to give a push to the multibillion-dollar strategic initiative.
“To streamline and expedite coordination, finalization and execution of CPEC projects, the prime minister (Imran Khan) has been pleased to constitute Pak-China Relations Steering Committee,” read an order issued by the PM Office.
The terms of reference and composition of the steering committee indicate Pakistan’s seriousness to fast-track the initiative.
The 15-member committee comprises representatives of the government, armed forces and intelligence agencies, Tribune reported.
Pakistan and China had launched CPEC six years ago with an initial investment portfolio of about USD 46 billion, which was subsequently increased to $60 billion. However, the actual investment remained far below that mainly during the tenure of Pakistan Muslim League-Nawaz (PML-N) government.
The share of projects that are in the pipeline is USD 28 billion, according to the CPEC Authority.
So far, 17 projects worth USD 13 billion have been completed while another 21 projects having an estimated cost of USD 12 billion are being implemented.
The terms of reference of the committee include overseeing and steering the progress on Sino-Pak cooperation under multiple domains, and review progress on various projects and devise pursuance implementation and feedback systems to avoid delays, according to the documents.
The steering committee will also be responsible for the creation of inter-ministerial synergy and removing hurdles and impediments in coordination, finalization and execution of projects.
A meeting was also held in the Foreign Office on Thursday over finding a way forward on the issue of seeking relaxation in the power purchase terms agreed under the CPEC energy framework, said sources. Pakistan is seeking relief in repayments of the principal loan being availed for setting up power plants.