ISLAMABAD – The newly installed PML-N government has abolished the CPEC authority, with the planning minister referring to it as a redundant authority that wasted resources.
The CPEC Authority was established through a presidential ordinance to oversee and implement various CPEC projects. It was placed under the Planning, Development and Reform Division in the previous government.
A summary to abolish it would be sent to Prime Minister Shehbaz Sharif after the revelation that Chinese power producers have shut down 1,980 megawatts of production capacity due to non-clearance of dues that amount to Rs300 billion.
PML-N Secretary General Ahsan Iqbal told the media that the decision to dissolve the CPEC Authority comes as it opposes party policy, being a parallel set-up to the multibillion-dollar China-Pakistan Economic Corridor project.
Meanwhile, the new planning minister took the first briefing on the state of CPEC affairs, and the startling disclosures surfaced as around 37 percent of the installed capacity of the CPEC power projects was out of order due to non-payment of dues to Chinese investors.
Total receivables of the 10 Chinese IPPs have soared to Rs300 billion, out of which the overdue amount was Rs270 billion, officials were informed. It was learnt that three imported coal-fired power plants have closed one of their two units due to the non-availability of the fuel.
Former finance minister Shaukat Tarin was reportedly aware of the circumstances but the ministry only made a partial payment of Rs50 billion.
Reports in the media suggest that several infrastructure projects were hung in balance in the wake of change in the taxation policies by the Imran Khan-led government in violation of commitments given to Beijing.
Last year, retired Pakistani general Asim Saleem Bajwa resigned from his position as the China-Pakistan Economic Corridor (CPEC) Authority's chief, after which Khalid Mansoor led the authority being the special assistant to the prime minister on CPEC affairs.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 30, 2023 (Saturday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||353.3||357|
|Hong Kong Dollar||HKD||37.93||38.28|
|New Zealand Dollar||NZD||174.58||176.58|
KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 205,600 on Saturday.
The price of 10 grams of 24k gold was recorded at Rs 176,270. Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 205,600||PKR 2,450|
|Karachi||PKR 205,600||PKR 2,450|
|Islamabad||PKR 205,600||PKR 2,450|
|Peshawar||PKR 205,600||PKR 2,450|
|Quetta||PKR 205,600||PKR 2,450|
|Sialkot||PKR 205,600||PKR 2,450|
|Attock||PKR 205,600||PKR 2,450|
|Gujranwala||PKR 205,600||PKR 2,450|
|Jehlum||PKR 205,600||PKR 2,450|
|Multan||PKR 205,600||PKR 2,450|
|Bahawalpur||PKR 205,600||PKR 2,450|
|Gujrat||PKR 205,600||PKR 2,450|
|Nawabshah||PKR 205,600||PKR 2,450|
|Chakwal||PKR 205,600||PKR 2,450|
|Hyderabad||PKR 205,600||PKR 2,450|
|Nowshehra||PKR 205,600||PKR 2,450|
|Sargodha||PKR 205,600||PKR 2,450|
|Faisalabad||PKR 205,600||PKR 2,450|
|Mirpur||PKR 205,600||PKR 2,450|