Cheque bounce of construction companies. CPEC work stopped in Pakistan due to tight money crunch: report
Islamabad, Several projects of China’s ambitious project CPEC (China-Pak Economic Corridor), which are being built at a cost of $ 50 billion, have stopped due to the tightening of the money. After the cheque bounce of construction companies, they have stopped working in many places of this project. After the completion of this ambitious plan of China, the Xinjiang province of Beijing will be directly connected to the Gwadar port of Balochistan province of Pakistan. This will lead China’s direct access to the Arabian Sea.
Media reports have pointed out that many construction works of the National Highway Authority of Pakistan (NHA) have stopped due to money laundering. According to the report of ‘Dawn’, the contractor stopped the work on several CPEC projects after some 5 billion checks bounced a few days ago.
According to the report, China’s ambitious and controversial Belt and Road Initiative (BRI)’s flagship project is the first time in CPEC that its work is halted due to money. The projects which have been halted include Haq-Dera Ismail Khan, Western Route of CPEC and all sections of Karachi-Lahore Motorway.
Dawn has quoted sources as saying, “Not just CPEC projects, but also local industries associated with construction and large number of engineers and laborers are also affected.” Let me tell you that there have been many obstacles in the CPEC project in recent times.
NHA spokesman Kasaf Jam said that the Authority had issued the government on behalf of the government for the five billion Czech companies on June 29. 1.5 billion checks were cleared on the same day and the remaining checks were deposited for the next day. But the remaining amount could not be cleared.
Jams said that this issue has been raised in front of the government and hopefully the matter will be resolved soon. On the news of stoppage of work by the contractors, he said, “Projects are on.” He said that most of the projects will be completed by December 2018.
