Dear reader, online ads enable us to deliver the journalism you value. Please support us by taking a moment to turn off Adblock on Dawn. Sources told Dawn that contractors have stopped work on several Riaz patel forex peace projects after their cheques worth over Rs5 billion had bounced a couple of days ago.
It is for the first time that CPEC projects faced such a situation because of financial reasons. According to the sources, seven packages of Hakla-DIK measuring 400km roads all projects of KLM have been affected. The firms whose cheques have bounced include SKB, ZKB, Noman Construction, ACGC Chinese, Sardar Ashraf D Baloch, China Railway 17 Group and Matracon. The sources said that not only the CPEC projects but local industries related to construction and a large workforce of engineers and labourers have also been hit by the situation. When contacted, NHA spokesman Kashif Zaman said the authority issued cheques of Rs5bn on June 29 to the firms against the sanction by the government. Mr Zaman said the matter had been taken up with the government and hopefully it would be resolved soon.
The progress on the project had not been affected. Same is true for Hazara Motorway and other sections. He said most of the projects in question would be completed by December 2018. However, it has been learnt that the CPEC projects would be delayed further if the situation continues and outstanding dues of contractors are not paid. Isn’t China funding the projects ? The delay or the fund shortage must and because of some communication gap. China has surplus funds and has never defaulted on payments.
Sharif brothers and Ahsan Iqbal took their share in advance in foreign countries, we can only see when next Government will dig these contracts. It’s a failure with false hype of economic corridor. China will seek more money for the project beyond the estimated amount. Three Chinese companies working for the CPEC were facing corruption charges at home. Right from the beginning our priorities are misplaced, Our leaders have no vision. This will be worst situation where projects are not done but payment on loans will be to China. When we have enemies within Pakistan working for India, then how can CPEC be successful.