Finance Minister Dr. Abdul Hafeez Shaikh has sought complete details of the memorandums of understanding (MOUs) signed with China along with their financial implications from the Economic Affairs Division and Ministry of Commerce.
Finance Minister gave these directives while chairing the China portfolio review meeting.
China is providing financing to Pakistan in the form of grants, concessional loans, preferential buyer’s credit and export buyer’s credit at different rates in which $1748 million and RMB270 million have already been provided to Pakistan on different portfolios in the recent past.
China is providing financial assistance to Pakistan in the energy, infrastructure, science and technology and agriculture sectors. Chinese companies have shown interest to finance and construct mega hydel power projects, upgradation of national highways, modernization of railways and boosting the cotton and rice output. Pakistan recently launched its communication satellite in the orbit with the help of Chinese assistance.
Pakistan has declared 2011 as a year of promoting trade with China. Ministry of Commerce is working with China for procuring more from Pakistan. Exchange of numerous trade delegations and participation in exhibitions are planned for the current calendar year.
A statement issued by the Finance Ministry said that the minister directed that the list must contain the financial implications of MOUs, their present stage and their magnitude after these projects are materialized. He also asked to include five-year game plan, its magnitude and to draw a clear picture indicating the feasibilities and bottlenecks in their way of materializing.
The minister said that the private to private sector business cooperation should be encouraged so that the people to people contact between the two countries may progress in trade and other socio economic fields.
The meeting also discussed the Karakorum highway (KKH) improvement project and KKH re-alignment project, $200 million grant for flood affected areas, Neelum Jhelum Hydropower project, construction of small and medium dams and RMB200 million grant to the Ministry of Science and Technology along with negotiations with the China Exim Bank with concerned federal ministries and departments. for the completion of these projects
The Economic Affairs Division had a detailed meeting on August 25 with the Ministry of Science and Technology in which two weeks time was sought for the determination of the status of the Pakistan Agricultural Research Council (PARC) projects after the devolution process.
