ISLAMABAD: Federal Minister for Water and Power Khawaja Muhammad Asif has said that investment in Pakistan by China were not loans, Radio Pakistan reported.
Addressing a news conference in Islamabad on Tuesday, Asif rejected allegations of PTI Chairman Imran Khan that the Nawaz-led government had drastically increased foreign debt. Asif advised Imran "to consult experts" before making such "unfounded" assertions.
The minister said China was committing to invest $34 billion when its president visits Pakistan. The trip, initially scheduled for later this month, was postponed because of the unrest in the capital.
Asif said that advertisements were issued to set up coal-based power plants at Gaddani. He refuted Imran’s claims that Chinese coal was to be used for these projects, saying that Pakistan will import from Australia, Indonesia and South Africa via a transparent system.
“The government would procure coal for state-owned power plants while independent power producers themselves would obtain coal for their plants themselves from their own desired sources,” he said.
As for Pakistan's own coal reserves, "Thar coal reserves will be used for projects being launched by Sindh Government in collaboration with private sector,” Asif said.
New transmission lines, he said, will also be laid with collaboration of the private sector, adding that circular debts have reduced from 295 billion to 238 billion while five billion more recovery has been made in spite of sit-ins.
COMMENTS (9)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ
Sure. The Chinese want to pour money into a country purely out of goodwill and have no expectation of getting anything back for their investment.
Khawaja Muhammad Asif seems to be living in Alice's Wonderland.
Why is Defence Minister, talking about Finance?? We all remember Khwaja working for BCCI,. Bank of Credit and Commerce The money laundering bank. That went Kaput !
Premium on investment are tied to environment of the country. In such a risky country and environment with law and order situation, bad governance and kicks backs this investment will not come with easy terms. Don't show rosy picture or figures of $ 34 Billion to fool public. Asif you can fool public but not an investor worth billion dollars.
I would believe IK over this "typo" govt any day.
Sir, Let the chinese built four big dams for us as investment and the Pakistani nation will always be gratfull to them .
are we supposed to beleive him this time?
Dear Khawaja Sahib. We make these assertions most seriously. As you we have credibility on our side. Mr. Asad Umar our Shadow Finance Minister was the former CEO of Engro, THE largest company in Pakistan. And if he says these Chinese loans are bad for Pakistan you better listen. WE PTI (when we come into power) WILL REFUSE THESE CHINESE LOANS! We are just waiting for the umpire to raise his finger.