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Pak says no to free use of Yuan for CPEC projects

The senior officials from Pakistan and China on Monday decided to formally move ahead despite hurdles and finance at least three special economic/industrial zones

Press Trust of India  |  Islamabad 

Pak refuses to allow free use of yuan for CPEC projects

has refused to allow free use of the Chinese on the lines of the in the country as officials from the two nations met to decide on a long-term developmental plan under the China-Economic Corridor (CPEC).

The meeting of senior officials from and on Monday decided to formally move ahead despite hurdles and finance at least three special economic/industrial zones (SEZs) and some important rail, electricity and road projects.


The Dawn reported quoting a senior government official that was not ready to allow the Chinese (renminbi) for free use in or its treatment on a par with the in the country and this was disappointing for the visiting Chinese officials.

He said the use of for common use in any part of or exchangeable like dollar has to be on a reciprocal basis.

The official also said the issue would be discussed again for some kind of institutional arrangement at the Joint Cooperation Committee (JCC) meeting on Tuesday to be co-chaired by Interior Minister Ahsan Iqbal, who is also minister for planning and development reforms, and Wang Xiaotao, vice chairman of National Development and Reforms Commission (NDRC) of

The official said the $3.5 billion Karachi Circular Railway (KCR) project was also unlikely to be cleared for inclusion in the at this stage because of some unsettled issues between the two countries. The project is likely to be dropped for now.

Informed sources said the two sides appeared to have settled issues relating to $8.5 billion Karachi-Lahore- Peshawar Railway Line.

The discussions were positive and the two sides are also expected to sign agreements on actively promoted power projects.

They also agreed to include road projects such as the much-talked-about western route between Gwadar, Nawabshah, Zhob-D I Khan-Hakla under besides Karakoram Highway (KKH) in Gilgit-Baltistan.

First Published: Tue, November 21 2017. 13:19 IST
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