PML-N govt calls CPEC Authority ‘waste of resources’, begins abolition process

11:43 PM | 21 Apr, 2022
PML-N govt calls CPEC Authority ‘waste of resources’, begins abolition process
Source: File photo

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.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on Sept 30, 2023

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)

Currency Symbol Buying Selling
US Dollar ‎USD 286.05 289.15
Euro EUR 307 310
UK Pound Sterling GBP 353.3 357
U.A.E Dirham AED 80 80.8
Saudi Riyal SAR 76 76.75
Australian Dollar AUD 189 191
Bahrain Dinar BHD 778.84 786.84
Canadian Dollar CAD 220 222.2
China Yuan CNY 40.24 40.64
Danish Krone DKK 41.83 42.23
Hong Kong Dollar HKD 37.93 38.28
Indian Rupee INR 3.57 3.68
Japanese Yen JPY 1.63 1.71
Kuwaiti Dinar KWD 945.27 954.27
Malaysian Ringgit MYR 62.62 63.22
New Zealand Dollar NZD 174.58 176.58
Norwegians Krone NOK 27.87 28.17
Omani Riyal OMR 762.31 770.31
Qatari Riyal ‎QAR 80.69 81.39
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.62 26.92
Swiss Franc CHF 323.01 325.51
Thai Bhat THB 8.12 8.27

Gold Rate in Pakistan Today – September 30, 2023

Today Gold Rate in Pakistan

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.

Today Gold Price in Pakistan - 30 September 2023

City Gold Silver
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


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