• Tuesday, June 18, 2019

Pakistan proposes some $1.3 Billion US Dollars for CPEC in fresh budget

Discussion in 'CPEC' started by Clutch, Jun 12, 2019 at 5:11 AM.

  1. Clutch

    Clutch SENIOR MEMBER

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    Pakistan proposes some 1.3 bln USD for CPEC in fresh budget

    Source: Xinhua| 2019-06-12 01:12:40|


    ISLAMABAD, June 11 (Xinhua) -- The Pakistani government on Tuesday proposed in its fresh budget to allocate 200 billion rupees (about 1.33 billion U.S. dollars) for the China-Pakistan Economic Corridor (CPEC) and relevant projects during the 2019-20 financial year starting July 1, 2019.

    The country's Minister of Revenue Hammad Azhar, who presented the budget of 7.022 trillion rupees for the upcoming fiscal year, said that the government has increased CPEC budget by 1 percent than the ongoing year, while the total budget increased by 30 percent compared to the current fiscal year.

    Addressing the National Assembly, or the lower house of the parliament, Azhar mentioned focal projects that could achieve industrial development, road infrastructure and modernization of railway network under the CPEC, saying that the government will give priority to such projects.

    "CPEC continues to remain in the spotlight and the government has funded the projects under it to accelerate the development and creation of job opportunities in the country," said the minister.

    He said that the government has managed to cut the trade deficit by 4 billion U.S. dollars during the current fiscal year by mainly decreasing luxurious and capital imports.

    According to the planed budget, Pakistan's defense budget in the next fiscal year will remain static at 1.15 trillion rupees without any increase, said the minister, adding that the government will ensure that there would be no compromise on the security of the country.

    On the government's revenue, Azhar said that the government has set a target of 5.82 trillion rupees out of which 5.56 trillion will be collected through different taxes. The government has increased taxes on different items, including edible oil, cement, cigarettes and sugar, but it did not change the current sales tax at the rate of 17 percent.

    The minister added that the government is likely to get 6 billion U.S. dollars loan on low-interest rate from the International Monetary Fund and 3 billion U.S. dollars worth of fuel on deferred payments from Saudi Arabia.

    According to the minister, on the direction of Prime Minister Imran Khan, the government will continue its austerity drive by reducing the salaries of ministers by 10 percent and slashing government's running expenses by 23 billion rupees.

    Earlier on Monday, Pakistan's Ministry of Finance released the Annual Economic Survey for the fiscal year of 2018-19, revealing that the country's gross domestic product grew by 3.3 percent in the outgoing fiscal year, which is the lowest in the last nine years.

    According to the survey, the overall economic growth slowed down amid monetary and fiscal tightening by the government.
     
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  2. Clutch

    Clutch SENIOR MEMBER

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    $27 Billion dollars projects completed under CPEC: Asad Umer

    June 10, 2019


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    ISLAMABAD, Jun 10 (APP):Pakistan Tehreek-e-Insaf senior leader Asad Umer on Monday said that projects amounting to $ 27 billion under China Pakistan Economic Corridor (CPEC) have completed or near completion.

    Speaking in National Assembly, he said, “Total of 50 billion dollar projects were started in the country under CPEC out of which 27 billion dollars projects have been completed or near completion.”

    He said that only seven billion dollars Foreign Director Investment (FDI) arrived in the country during Pakistan Muslim League (N) tenure out of which 4 billion dollars FDI came under CPEC.
     
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  3. aziqbal

    aziqbal PDF THINK TANK: ANALYST

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    20-30% of Pakistans national debt is from China

    yet China accounts for 90% of Pakistanis infrastructure projects

    did anyone mention the debt trap?
     
  4. AZADPAKISTAN2009

    AZADPAKISTAN2009 ELITE MEMBER

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    Fantastic news hope we make 4-5 Desalination plants as part of CPEC to help grow new cities
     
  5. 313ghazi

    313ghazi SENIOR MEMBER

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    This is the third Pakistani government to approve this project and work on it. Nobody has to accept a loan. We could choose not to have infrastructure instead. Or maybe we could pay tax and develop it ourselves... :woot: Perhaps we should check out the threads of tax before we go down that road. :P

    All debts have to be repaid - you know that. If we are borrowing money to build infrastructure, lets hope we have a plan to utilise said infrastructure to generate revenue to help pay off the debt. Or should the Chinese do that for us too?