Pakistan About to Disband CPEC Body Due to Chinese Slow Improvement.
According to reports, the China-Pakistan Economic Corridor (CPEC) Authority has been authorized in principle by Pakistan’s Prime Minister, Shehbaz Sharif. Islamabad was reportedly discouraged by the multibillion-dollar project’s sluggish progress.
Before making a move, Pakistan would first gain China’s trust before the move.
A statement that the planning and development ministry had relocated two months before served as the foundation for the decision.
CPEC is a key component of the Belt and Road Initiative, under which Beijing has committed more than $60 billion, mostly in the form of loans, for infrastructure projects in Pakistan.
The ministry said that it would be crucial to conclude the body that had been contentious from the beginning.
According to this ministry’s executive summary, China and the previous Pakistani government’s shift in taxation policy in breach of pledges made to Beijing caused delays in the CPEC projects.
The sales tax exemption on imports was eliminated by the Imran Khan-led administration last year.
Special economic zones (SEZs), intended to be completed by 2020 by the original CPEC plan, reportedly have not advanced during the last four years.
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