FO contradicts Interior Minister over suspension of funds for CPEC projects

04:11 PM | 14 Dec, 2017
FO contradicts Interior Minister over suspension of funds for CPEC projects
ISLAMABAD - The Foreign Office (FO) on Thursday rejected the reports that Beijing has halted payments on any of the China-Pakistan Economic Corridor (CPEC) projects in contradiction with what Interior Minister Ahsan Iqbal expressed before a parliamentary committee a few days ago.

During a weekly briefing, FO Spokesperson Dr Muhammad Faisal said there was no news from Beijing that the Chinese government was halting funding for any of the projects, clarifying that execution of payments takes place in a specific manner.

Earlier this week, Ahsan Iqbal, who also holds portfolio of Planning and Development, had said that China had halted the release of funds for three CPEC projects till the revision of its 'financial mechanism' by Beijing,

The minister revealed this while giving a briefing to the Parliamentary Committee on CPEC during 25th meeting on Monday which met under the chairmanship of Senator Mushahid Hussain Sayed.

According to a press release issued by National Assembly, Ahsan Iqbal informed the committee that the Chinese side was reviewing the financial mechanism of the projects and they would be started upon receipt of approval from the Chinese side.

It was also reported that China had temporarily stopped funding some projects, particularly those related to the road network under CPEC, till a further decision on ‘new guidelines’ by Beijing.

The reports had claimed that China has stopped releasing funds for the 210-km Dera Ismail Khan-Zhob Road project, 136-km remaining portion of Karakoram Highway (KKH) from Raikot to Thakot and 110-km Khuzdar-Basima Road.

During the meeting, the minister also gave a briefing to the members regarding the Long Term Plan of CPEC which has been agreed to by both Pakistan and China at the last meeting of the Joint Cooperation Committee (JCC) on November 21, 2017.

On the other hand, Pakistan Tehreek-i-Insaf (PTI) leader Asad Umar, who is also a member of the parliamentary committee, had confirmed that he had raised the issue of suspension of Chinese funds at the meeting.

'The members were informed that China was revising the infrastructure projects under its financial review' observed Asad Umar.

Another member of the committee, Al-Haj Gul Khan Afridi, had said they were told that China had not stopped financing the CPEC projects but raised some 'technical objections' to three National Highways Authority (NHA) road projects, Dawn news reported.

What adds confusion to the episode is that a senior NHA official rejected the government claim that work on the three road projects of the authority had been halted on technical grounds.

'It is not true that China raised objections to the projects because these had already been approved at the 6th Joint Cooperation Committee (JCC) meeting held last year,' he had declared.


Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 4 Dec  2023

Pakistani rupee's value remained stable against US dollar, Euro, Pound, Dirham, Riyal and other currencies in the open market.

Dollar Rate in Pakistan Today

On Monday, the US dollar was being quoted at 285.15 for buying and 287.95 for selling.

Euro rate stands at 309.9 for buying and 310.5 for selling. British Pound GBP rate stands at 359.4 for buying, and 360.05 for selling.

UAE Dirham AED currently hovers around 77.45 while rate of Saudi Riyal stands at 75.82.

Today’s currency exchange rates in Pakistan – 4 December 2023

Currency Symbol Buying Selling
US Dollar USD 285.15  287.95 
Euro EUR 309.9  310.5 
UK Pound Sterling GBP 359.4  360.05 
U.A.E Dirham AED 77.45 77.6
Saudi Riyal SAR 75.82 75.97
Australian Dollar AUD 187.72 188.22
Bahrain Dinar BHD 759.94 767.94
Canadian Dollar CAD 209.99 210.49
China Yuan CNY 39.78 39.88
Danish Krone DKK 41.95 42.05
Hong Kong Dollar HKD 36.38 36.48
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.49 1.56
Kuwaiti Dinar KWD 926.39 935.39
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 173.44 175.44
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 742.16 750.18
Qatari Riyal QAR 78.5 79.2
Singapore Dollar SGD 212.45 212.95
Swedish Korona SEK 27.09 27.19
Swiss Franc CHF 325.38 325.88
Thai Bhat THB 8.05 8.09

Gold prices in Pakistan move down despite positive global cues

The gold remained under pressure as the precious metal moved down despite an upward trend in the international market.

Gold Rates in Pakistan Today - 4 December 2023

On the first day of the week, the price of a single tola of 24-karat gold stands at Rs217,000 and 10 grams of 24k gold costs Rs186,043 

A single tola of 22-karat gold costs Rs170,539, while 21 karat rate for each tola is Rs. 192,325 and the price of 18k gold is Rs164,850.

In the global market, gold prices hover at around $2086, gaining $14.44 on Monday.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 217,000 PKR 2,720
Karachi PKR 217,000 PKR 2,720
Islamabad PKR 217,000 PKR 2,720
Peshawar PKR 217,000 PKR 2,720
Quetta PKR 217,000 PKR 2,720
Sialkot PKR 217,000 PKR 2,720
Attock PKR 217,000 PKR 2,720
Gujranwala PKR 217,000 PKR 2,720
Jehlum PKR 217,000 PKR 2,720
Multan PKR 217,000 PKR 2,720
Bahawalpur PKR 217,000 PKR 2,720
Gujrat PKR 217,000 PKR 2,720
Nawabshah PKR 217,000 PKR 2,720
Chakwal PKR 217,000 PKR 2,720
Hyderabad PKR 217,000 PKR 2,720
Nowshehra PKR 217,000 PKR 2,720
Sargodha PKR 217,000 PKR 2,720
Faisalabad PKR 217,000 PKR 2,720
Mirpur PKR 217,000 PKR 2,720


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