Pakistan denies China's funding halt for CPEC projects

Pakistan on Thursday refuted reports that Beijing had halted payments on some of the China-Pakistan Economic Corridor (CPEC) projects in the country.

Foreign Office Spokesperson Muhammad Faisal at a briefing said there was no news from Beijing that the Chinese government was halting funding for any of the projects, adding that execution of payments takes place in a specific manner.

The Foreign Office's denial came days after Minister for Planning and Development Ahsan Iqbal said that China had halted the release of funds for three CPEC projects till the revision of its "financial mechanism" by Beijing.

According to a press release by the National Assembly Secretariat on December 11, Iqbal informed the 25th parliamentary committee meeting on the CPEC that the work on these projects would only restart after approval from Beijing.

The three projects are related to the road network.

Another member of the committee, Al-Haj Gul Khan Afridi, had said that they were told earlier that China had not stopped financing the CPEC projects but raised some "technical objections" to the projects, Dawn online reported.
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China temporarily stops funding CPEC road projects over corruption reports

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

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

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

The nearly $60 billion CPEC, a flagship project of China's prestigious One Belt One Road, passes through Pakistan-occupied Kashmir (PoK). It links China's restive Xinjiang region with Pakistan's Balochistan province.

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 8,100 crore. Of this, Rs 6,600 crore would be spent on construction of road while Rs 1,500 crore on land acquisition.
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CPEC is source of prosperity for Pakistan: New Chinese envoy

Newly-appointed Chinese ambassador to Pakistan, Yao Jing said the $50 billion China-Pakistan Economic Corridor (CPEC) is a source of prosperity for Pakistan and the rest of the region.

He stated this at the third CPEC media forum jointly organised by the Chinese Embassy here and the Pakistan-China Institute (PCI), according to a statement by PCI.

Yao said CPEC was a major priority for the Chinese leadership, and he would put in his best efforts to get it implemented in a letter and spirit.

The envoy expressed pleasure that CPEC's implementation was being fast-tracked and said he was confident that the people of Pakistan would be the major beneficiary of this initiative.

"It is also a source of prosperity and peace for the entire region, CPEC's ownership goes to the people of Pakistan and its other stakeholders," he said.

Yao spoke about the important role of the media, noting that Pakistani media has always been positive towards China.

He proposed that the media representatives should be invited to visit CPEC projects, enabling them to see themselves its implementation process and socio-economic impact on the local people.

He assured that he would have regular interaction with the media to seek support in carrying forward their collaborative socio-economic partnership.
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