Chinese Currency To Be Used Instead Of Dollar In New Energy Projects Under CPEC

In the JWG meeting, China and Pakistan made the decision that RMB would be used to make arrangements for all new projects of the energy sector under CPEC.

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Pakistan reached an agreement with China for allowing the use of Chinese currency RMB for the execution of all projects of the energy sector under CPEC (China Pakistan Economic Corridor).

Instead of the US dollar, RMB’s use will be a big development if the agreement really is put in practice. Now, a summary will be moved before the ECC (Economic Coordination Committee) of the cabinet for getting approval for this effect.

Officials confirmed while talking to The News on Monday that JWG (Joint Working Group) has agreed for the use of RMB for all the new energy projects in Pakistan. The JWGs meetings held last week between China and Pakistani teams before the meeting of the Joint Coordination Committee (JCC) which is to take place in Islamabad.

The schedule of the JCC meeting under CPEF has been changed due to the on-going Azadi March, it will take place on Tuesday.

It was confirmed by top sources that the SOM (Senior Official Meeting) will take place on Tuesday morning and JCC’s will be held in the afternoon. A Memorandum of Understanding (MoU) will be signed after the JCC meeting. China’s visiting NDRC Minister and Minister for Planning will also hold a joint press briefing later on Tuesday night.

In the JWG meeting, China and Pakistan made the decision that RMB would be used to make arrangements for all new projects of the energy sector under CPEC. This development was also talked about in a roundtable organized by PCI, led by Senator Mushahid Hussain Sayed.

Delegations of parliamentarians and media persons also took part in this roundtable. The MPs team was on a three-day visit to look at the different CPEC projects completed at Port Qasim and Islamkot, Thar.

This delegation had Dr. Shezera Mansaab Ali, PML-N MNA, Ruksana Zuberi, PPP Senator, Krishna Kumari, PPP Senator, Sikandar Manadro, PPP Senator, Nauman Wazir, PML-N Senator, and Lt. Gen (R) Abdul Qayyum, CEO of HUBCO Khalid Mansoor, Power China’s CEO Gauo Gaungling, ICBC CEO and Pakistani businessmen such as Munir Kamal, Farhan Talib from HBL, President of National Bank of Pakistan Arif Usmani, Shahid Ali Habib and Daraz Pakistan’s head Ahsan Saya.

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