China, IMF: PM asks MoF to follow key matters up

ISLAMABAD: Prime Minister Shehbaz Sharif has directed Finance Ministry to ensure follow-up with Chinese authorities on rollover of safe deposits, support from International Monetary Fund (IMF), debt re-profiling of China Pakistan Economic Corridor (CPEC) energy projects and conversion of coal power plants from imported to local coal, well informed sources told Business Recorder.

Prime Minister issued these instructions during a meeting with the Chinese ambassador held on September 2, 2024, which was attended by top brass of Ministry of Foreign Affairs, Finance, Planning, Power Division, Interior, Communications and Aviation Division.

Ministry of Railways, Planning, and Finance has been directed to expeditiously finalise negotiations on the Karachi-Hyderabad segment of ML-1 project with Chinese authorities to ensure announcement during the upcoming high level visit.

‘China will help secure IMF loan’

Meanwhile, discussions must continue with the Chinese side for expansion of ML-1 to Multan and ultimately up to Peshawar.

Ministry of Interior has been directed to carefully examine the Chinese proposal for establishment of joint venture company for Chinese security, in consultation with relevant stakeholders.

Board of Investment, Ministry of Commerce, and Ministry of Maritime Affairs have been asked to approach the Chinese side to announce development of Port Qasim Special Economic Zone on fast-track basis.

Ministry of Planning, Development and Special Initiatives has been given two weeks for formulation of five–year Plan to build “China-Pakistan community with shared future”.

It was also decided that signing of a document synergizing CPEC with Pakistan’s 5Es maybe examined in consultation with relevant stakeholders.

Ministry of Foreign Affairs was tasked to extend Prime Minister’s invitation to Chinese Premier Li Qiang to visit Lahore during his visit to Pakistan.

Copyright Business Recorder, 2024