ISLAMABAD – The federal government is working on a plan to clear due payments to the Chinese independent power producers (IPPs) set up under the China-Pakistan Economic Corridor (CPEC) as payables reaches almost Rs550 billion.
The government aims at finalizing the schedule of payments before convening the 13th meeting of the CPEC’s Joint Coordination Committee (JCC) of CPEC. The huddle will be held after Prime Minister Shehbaz Sharif’s visit to China, which is scheduled for first week of June 2024.
Reports said the Chinese officials had called for holding the 13th JCC after the PM Shehbaz’s visit so pending issues could be settled and roadmap for second phase of CPEC could be finalised in this meeting.
Meanwhile, Planning Minister Ahsan Iqbal has put his focus on addressing the pending issues related to clearance of dues of Chinese IPPs and set a mechanism for timely release of payments.
A Pakistani official told media that delay in payments could affect the further cooperation in various projects, adding that Pakistani side should take urgent measures to keep the Chinese companies’ trust intact.
On April 26, the planning minister chaired the preparatory meeting for the China-Pakistan Economic Corridor (CPEC), preceding the 13th Joint Cooperation Committee (JCC) meeting and an imminent high-level delegation visit to China.
Despite encountering setbacks during the previous political administration, concerted efforts have been undertaken to restore China’s confidence, yielding significant progress under the present government’s stewardship over the past 16 months, he said.
