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Amidst Pakistan's failure to address the financial issues concerning the CPEC projects, Prime Minister Shehbaz Sharif has directed the country's State Bank to hold meetings with the Chinese banks for bilateral trade using China's Renminbi (RMB) and Pakistani rupees (PKR).
Shehbaz directed the State Bank of Pakistan (SBP) to hold meetings with the Industrial and Commercial Bank of China (ICBC) and the Bank of China. He gave these directions in a meeting with Chinese businessmen on May 30. He said that in case a Ministry is unable to meet the timelines for a justifiable reason, this should be communicated to the Chinese Companies, Planning Division, and the Prime Minister's Office before the expiry of timelines. According to the sources of Pakistan-based outlet Business Recorder, the Finance Division has been directed by the PM to take immediate measures to address the liquidity issues of CPEC Chinese Independent Power Producers (IPPs). The Pakistani PM directed Secretary Power Rashid Langrial to hold meetings with power companies based on imported coal to address their specific issues. He asked them to also work out mechanisms and modalities to tackle the issues. Power Division, as per the sources, has been directed to come up with a sectoral plan to improve the financial health of the power sector within two weeks. During the meeting, it was decided that investments in solar and wind power projects and a desalination plant in Karachi shall be encouraged to save precious foreign exchange being spent on imported fuels, the sources maintained. In view of the recent suicide attack in Pakistan that killed 3 Chinese teachers outside the University of Karachi's (KU) Confucius Institute, Shehbaz earlier also ordered the tightening of security for Chinese nationals working on CPEC projects. Shehbaz said that there will be no compromise on the security of Chinese residents and directed the Interior Ministry and security agencies to ensure foolproof security, the report said. Recently, all the Chinese teachers at Karachi University left the country due to security concerns after the Karachi University suicide attack. Notably, Sharif held a telephonic conversation with Chinese Premier Li Keqiang and assured him that his government was determined to take all necessary measures for the enhanced security and safety of all Chinese nationals working in Pakistan, the report said. (ANI)
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