Planning minister rules out inclusion of third country in CPEC
Khusro Bakhtiar said Pakistan has invited Saudi Arabia to invest in the project.
ISLAMABAD (Dunya News) – Federal Minister for Planning, Development and Reforms Khusro Bakhtiar on Tuesday ruled out the inclusion of a third country in the China-Pakistan Economic Corridor (CPEC) project.
Addressing a press conference alongside Information Minister Fawad Chaudhry, Bakhtiar said no changes will be made to the framework agreed upon by the parties involved.
“Saudi Arab has been invited to invest in the project. No third country is being included in CPEC.
“The base of CPEC will be broadened and its pace will be expedited and right planning will be carried out to this effect,” he added.
Bakhtiar said the previous Pakistan Muslim League-Nawaz (PML-N) levied indirect taxes on consumption that burdened the public. He added that the former government secured $32 billion when global oil prices fell.
“Where did those 32 billion dollars go? The public didn’t get the benefit and the PML-N government did not even take public into confidence over its so-called development projects,” he said.
The minister said Pakistan’s external debt had soared to a staggering Rs28,000 billion and the previous government downplayed it by showcasing an artificial GDP growth.
“Our circular debt has risen to Rs1,200 billion. There is less public-private sector investment due to lack of confidence,” he added.
Speaking on the occasion, Fawad Chaudhry said the prices of electricity will remain intact and there will be no increase in its price.
He said decision to this effect was taken during a meeting of the Economic Coordination Committee today.
Last month, Pakistan invited Saudi Arabia to invest in projects related to the China-funded Belt and Road infrastructure corridor, of which the Gwadar port is the crown jewel of some $60 billion in projects in Pakistan.
Prime Minister Imran Khan made Riyadh his first foreign trip since he swept to power in elections in July, but there was no confirmation that the Saudi government might offer an economic lifeline.
There are reports that Islamabad is hoping for a deferred-payments deal for Saudi oil to help shore up foreign reserves and possibly even a bridge loan of around $2 billion.
A high-level Saudi delegation reached Pakistan on Sunday on a six-day visit to hold important meetings with officials on the matters pertaining to investment in the country.
