Pakistan To Make Payments Of CPEC And Other Projects In Chinese Currency Instead Of Americans.

Joint Working group will move a summary to Cabinet’s Economic Corridination Committee for its approval.

ISLAMABAD:( Urdu Point/UrduPoint / Pakistan Point News-Nov 5th, 2019) Pakistan will make payments of all Chinese projects including that of China-Pakistan Economic Corridor (CPEC) through Chinese currency instead of Dollars, the American currency, the reports said.

According to the details, Joint Working Group expressed its consent in payment of Chinese currency and said that it would present a summary in this regard to Cabinet‘s Economic Corridnation Committee for its approval. The sources said that Habib Bank had got lisence to use Chinese currency for the payment to China on all projects. Last Sunday, a meetinig was also held between a chinese institute and Senator Mushahid Hussain Syed and the both sides discussed this new idea of payment in Chinese currency.

On other hand, a group of parliamentarians and journalists visited Port Qasim and islam Kot (Thar) to examine the projects being established there. Habib Bank‘s Oromchi branch head said in a meeting that they had got a lisence to deal with Chinese currency regarding payments of all projects.

Hubco Chief said that initially, Pakistan entered into the agreement on the basis of payments in American currency and many problems surfaced due to this deal.

However, he said, all these problems were being resolved. He appreciated China for making investment in Coal-bassed Energy projects at the time when nobody was willing to make any investment. Habib Bank official said that the bank had also opened its branch in Gwadar but they could not start dealing with Chinese Currency because of some problems but it will start soon.

Hubco Chief also hinted on the use of Coal reserves for energy production, saying that it was now time to start new projects on the basis of coal reserves. There are total 22 energy projects in the country and some of them have been completed and the rest would be completed soon, he said. According to the reports, International Monetary Fund (IMF) was reluctant to comment on the new deal in Chinese currency between Pakistan and China. The international body said that it was not well-aware about the deal in Chinese currency between both the countries.

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