Pakistan requests China to go easy on terms for power deals
CPEC
Pakistan has urged China for ease in payment obligations of over power projects under the multi-billion dollar China-Pakistan Economic Corridor (CPEC) to minimise its financial and economic difficulties.
The payment amounts to $30 billion worth of about 12,000-megawatt power project.
According to Dawn news, Pakistan had formally taken up its difficulties with China for relief in power purchase prices at the highest level during the visit of President Arif Alvi to Beijing last month, as Islamabad's capacity payments alone were estimated to be closer to 600 billion PKR this year.
Prime Minister Imran Khan has said the capacity payments could go beyond 1.5 trillion PKR in a few years, which would be beyond repayment capacity of the people.
To this end, the Chinese leadership had advised the National Development and Reforms Commission (NDRC) of China to discuss the matter with the financial institutions.
Pakistan hence requested two basic relaxations in the existing agreements given the emerging challenges amid the economic meltdown across the world in the wake of the coronavirus pandemic. One of them has Pakistan seeking an extension in debt repayment period in the tariff to 20 years from the existing repayment period of 10 years.
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CPEC is a flagship $60 billion project of Chinese President Xi Jinping's Belt and Road Initiative that aims to connect Asia, Africa and Europe through a vast network of highways, rail lines and sea lanes. The corridor connects the Chinese city of Kashgar with Pakistan's Gwadar port on the Arabian Sea.