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Pakistan to Pursue Debt Restructuring of CPEC Power Projects

The prime minister’s special assistant for electricity and oil, Tabish, the prime minister’s special assistant for electricity and oil, said Islamabad would seek to restructure $3 billion in debt for power projects under the Economic Corridor. China-Pakistan Economic Cooperation (CPEC) to eliminate the need to increase electricity prices by Rs 1.5 per unit. Gohar. relevant representatives.

Read More: Government to Work Together with Int’l Partners

China has established 12 power plants under CPEC, and Chinese debt payments are included in the electricity tariff. Consumers will pay them in rupees.

However, the government will return them in dollars. Explaining this preposition, Gohar said Pakistan will ask China to set up a one-time $3 billion CPEC debt refinancing fund, which will be used to make payments to Chinese companies. Due debts for Kohala Hydropower Project, Karot Hydropower Project, Suki Kinari Power Project, Qasim Port Power Project, Sahiwal Power Plant, Hubco Power Plant and Engro Power Generation project, and other other project.

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Total liabilities for dozens of energy projects have been estimated at $19.8 billion.

The PML-N government previously referred to CPEC’s energy project debt as “foreign investment”.

There is also a proposal to hand over electricity distribution companies in Hyderabad and Sukkur to the Sindh government – a move that could save 100 billion rupees a year. 

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