CPEC project stalled due to financial crisis, claims a Pakistani daily

Islamabad/Beijing: The China-Pakistan Economic Corridor (CPEC) project, that serves as a symbol of the China-Pakistan ties has run into financial trouble, claimed a leading Pakistani daily. The daily reports that many projects under this scheme have been stalled because of the financial crisis. The expose of CPEC landing into trouble just before the general elections in Pakistan has created a sensation.

The leading Pakistani Daily ‘The Don’ has published the report of the CPEC running into financial crisis. The report informs about the transport projects under the CPEC and claims that the Pakistan’s National Highway Authority does not have the provision of funds necessary to complete the projects.

Many highways are being built by the National Highways Authority in Pakistan under the CPEC. A shocking report has thrown light on the fact that the cheques worth over Rs. 5 billion, issued to the contractors for the project have been bounced. The contactors have stopped work due to non-realisation of cheques and the work has come to a standstill. It is said that this is the first instance of CPEC facing crisis due to paucity of funds.

As per the report in the Pakistani daily, work on CPEC Western Route, Hakla-Deira Ismail Khan Road, Karachi-Lahore motorway has been completely stopped. The government has been informed about this and the officials of the National Highways Authority said that a solution may be worked out. The companies under the project which have been affected by cheque bouncing include Chinese companies too.

In the beginning of this month, the ‘International Crisis Group’ had claimed that the discontent against the $ 62 billion CPEC was rising in Pakistan and this excessive investment can fuel an internal conflict in Pakistan.

The Pakistan government had been claiming that the CPEC scheme would change the Pakistan economy, bring new industries to the country and would create millions of jobs. However, it is becoming clear from the ICG report that the Pakistani people seem to be getting disillusioned about this scheme.

In view of the terror attacks in Pakistan last week, the Chinese media had put a question mark on the projects under CPEC and the security as well as safety of the Chinese people.