Finance Minister reviews Chinese financing in different portfolios

ISLAMABAD: The Federal Minster for Finance and Economic Affairs Dr. Abdul Hafeez Shaikh.has asked the concerned officials of Economic Affairs Division and Ministry of Commerce to prepare a full list of the memorandums of understanding (MOUs) so far signed with different countries and particularly with China.The list must contains the financial implications of these 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. This is he said while chairing the Pak China Portfolio Review Meeting.

The minister also remarked that private to private sector business cooperation be also encouraged so that the people to people contact between the two countries may progress in trade and other socio economic fields.Currently China provides financing to Pakistan in form of grants, concessional loans, preferential buyer’s credit and export/buyer’s credit at different rates in which US$ 1748 Million and RMB 270 million has already been provided to Pakistan on different portfolios in the recent past.

The meeting at length discussed the projects namely “KKH Improvement projects” “KKH re-alignment Project” ”$ 200 million grant for flood affected areas” “Neelum Jhehlum Hydropower project” “Construction of Small and Medium size dams” and “RMB 200 million grant to Ministry of Science and Technology” and negotiations with China Exim Bank with concerned federal ministries/ departments. for the completion of these projectsIt may be added that the Economic affairs division had a detailed meeting on 25/08/2011 with 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. – Yahoonews