Pakistan to restructure $3b-in-CPEC-debt

A meeting of the Cabinet Committee on CPEC (CCoCPEC) was held under the Chairmanship of Federal Minister for Planning, Development and Special Initiatives, Asad Umar, in Islamabad.

The Cabinet Committee on CPEC reviewed the progress on various projects undertaken by the Working Groups under CPEC. The meeting was briefed on the overall progress of CPEC projects regarding industrial cooperation,  energy, infrastructure, Gwadar, science and technology, socio-economic development, agriculture, transport and communications along with issues faced in the implementation of these projects.

The committee noted that significant progress had been achieved on various projects. The Chairman stated that CPEC is a priority project for enhancing Pak-China economic cooperation. He stressed that the ministries should maintain the momentum of CPEC projects and follow the timelines for early completion of projects. The second phase of CPEC, which focuses on industrial cooperation, will significantly enhance the benefits of CPEC for both sides, he added.

The committee also emphasized that unresolved inter- ministerial issues should be brought before the CCoCPEC directly by the respective ministries along with recommendations for their resolution.

The meeting was attended by Minister for Energy Omar Ayub Khan, Foreign Minister Shah Mehmood Quareshi, Federal Minister for Maritime Affairs Syed Ali Haider Zaidi, Federal Minister for Food Security and Research Syed Fakhar Imam, Minister for Economic Affairs Makhdoom Khusro Bakhtyar, Minister for Railways Azam Khan Swati, Abdul Razak Dawood Adviser to the Prime Minister on Commerce & Investment, Advisor to Prime Minister for Institutional Reforms & Austerity Dr Ishrat Hussain, Deputy Chairman Planning Commission and officials of various ministries and divisions.

Hamza Habib is a senior journalist and former editor of who has previously worked for leading newspapers and TV networks of the country. He mainly writes on the economy and political issues.


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