Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
December 11, Monday 2017 11:20 AM       

       HEADLINES: Ockhi: 130 stranded in Lakshadweep returns back                                              Three Keralites killed in Pollachi accident                                              Vigilance gives clean chit to Tom Jose                                              Ockhi relief operations remain as announcements: Chennithala                                              Employment violations in P V Anwar’s park will be probed: T P Ramakrishnan                                              Zaira Wasim molestation: Mumbai Police arrests accused                                              French tourists thrashed by locals in UP                                              Sri Lanka formally hands over Hambantota port to China                                              ISIS still not defeated: May warns Iraq                                              Afghanistan calls for snapping ties with US                                              Trump's Middle East advisor set to depart White House                                              Our batting let us down on a seaming track: Rohit Sharma                                              Diego Maradona arrives in Kolkata on three-day visit                                              ISL 2017: FC Goa thrash Kerala Blasters 5-2                                              Hamstring injury rules Jadhav out of Lanka ODIs                                              Olympian Sajan Prakash to sell medals for training                                              Kaumudi Facebook
       WORLD Next Article: US Supreme Court allows Trump's travel ban  
       China stops funds for China-Pak economic corridor over corruption: Report
 
         Posted on :16:30:04 Dec 5, 2017
   
A A
       Last edited on:19:48:08 Dec 5, 2017
         Tags: China stops funds for China-Pak economic corr
 

ISLAMABAD: China has decided to temporarily stop funding of at least three major road projects in Pakistan, being built as part of the $50 billion China-Pakistan Economic Corridor or CPEC, following reports of corruption, a decision that has left officials in Islamabad "stunned," a media report said Tuesday.

The decision by the Chinese government is likely hit over Rs. 1 trillion-worth road projects of the Pakistan's National Highway Authority (NHA), and initially, may delay at least three such ventures, Pakistani newspaper Dawn reported.

According to a senior Pakistani government official, the funds would be released after Beijing issues 'new guidelines'.

The nearly $50 billion CPEC, a flagship project of China's prestigious One Belt One Road, passes through Pakistan-occupied Kashmir or PoK. It links China's restive Xinjiang region with Balochistan.

The road projects that are likely to be affected include 210-km-long Dera Ismail Khan-Zhob Road, being built at an estimated cost of Rs. 81 billion. Of this, Rs. 66 billion would be spent on construction of road while Rs. 15 billion on land acquisition.

The other project which is going to be hit is 110-km-long Khuzdar-Basima Road in Balochistan, having an estimated cost of Rs. 19.76 billion.

The third project, valued at Rs. 8.5 billion, is the 136-km of Karakarom Highway (KKH) from Raikot in Pakistan-occupied Kashmir to Thakot.

Originally, all the three projects were part of the Pakistan government's own development programme, but in December 2016, Pakistan's National Highway Authority spokesperson had announced that they would be included under the China-Pakistan Economic Corridor umbrella so as to become eligible for concessionary finance from China.

"The funds for the three road projects were approved in Pakistan's 6th Joint Cooperation Committee meeting held last year, pending necessary procedural formalities."

"It was expected that the funding of the three projects would be finalised during the Joint Working Group meeting held on November 20, but Pakistan was informed in the meeting that 'new guidelines' will be issued from Beijing under which new modus operandi for release of the funds will be described," the official was quoted as saying by the newspaper.

The decision of the Chinese government was conveyed to Pakistan in the Joint Working Group or JWG meeting and the existing procedure for release of funds had been abolished, he said.

Under the previous procedure, the projects were to be approved by six different forums after which the funds were released, the official added.

"In fact, the Chinese authorities informed us that the previous procedure of release of funds was meant for early harvest projects only and new guidelines will be issued for future projects of the CPEC," the official said.

The official said the Pakistani side was left "stunned" when informed about this development, as it was the first time they were hearing it.

He, however, claimed that the Chinese side was quite disturbed with media reports, published in Pakistan, about corruption in the CPEC projects and that was the reason Beijing has temporarily halted release of funds for the corridor.

CPEC was launched in 2015 when President Xi Jinping visited Pakistan and it now envisages investment of around $50 billion in different projects of development in Pakistan.

A A
       WORLD
Next Article: US Supreme Court allows Trump's travel ban
 
 
WORLD HEADLINES
Trump's Middle East advisor set to depart White House  
Afghanistan calls for snapping ties with US  
ISIS still not defeated: May warns Iraq  
Sri Lanka formally hands over Hambantota port to China  
Iraq declares 'end of war' against IS  
N Korea condemns 'dotard' Trump over Jerusalem  
Lanka formally hands over Hambantota port to China  
Israel strike kills 2 Palestinians: Gaza officials  
US politician resigns over sexual misconduct allegations  
Banks failed to evaluate credit-worthiness of KFA: Mallya's team  
Twitterers troll Trump with #DentureDonald  
Christine Keeler, ex-model at heart of Profumo affair, dies at 75  
Trump's decision on Jerusalem has opened 'gates of hell', warns Arab world  
US recognises Jerusalem as Israel's capital  
Pak security forces abduct Baloch leader Dr Allah Nazar's sister  
Trump 'very committed' to Middle East peace process: Tillerson  
US, China hold low-key military talks amid N Korea tensions  
Lebanese PM Hariri revokes his resignation  
Indian govt 'clutching at straws', says Mallya's defence  
China stops funds for China-Pak economic corridor over corruption: Report  
US Supreme Court allows Trump's travel ban  
Yemen's ex-president killed by Houthi rebels  
German pilots refuse to deport refugees  
Indian-origin woman killed in shark attack in US  
Yemeni ex-president Saleh killed in fighting with Houthis: Saudi-owned Al-Arabiya  
 
Do you think Congress gained political mileage from Ockhi tragedy?
yes
 
no
 
no opinion
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy