Pakistan Allots INR 110.85 Billion for CPEC Project With China

The country’s Finance Minister Ishaq Dar, who presented the Rs 4,757 billion budget in his parliamentary speech.

Pakistan’s Prime Minister Nawaz Sharif (L) shakes hands with China’s President Xi Jinping. (Photo: Reuters)

Pakistan has allocated 180 billion Pakistan rupees (which converts to Rs 110.85 billion in India) for the China-Pakistan Economic Corridor (CPEC) and its projects during the 2017-18 financial year which will begin on 1 July.

The country's Finance Minister Ishaq Dar, who presented the Rs 4,757 billion budget on Friday, mentioned several CPEC projects in his speech in parliament, Xinhua news agency reported.

He told the National Assembly that the development of Gwadar city in Balochistan province was "fundamental to development of China-Pakistan Economic Corridor".

A comprehensive plan is being implemented for the road link networks, expansion and modernisation of the airport, and development of the area. Thirty one projects for development of Gwadar are provided in 2017-2018 budget which include implementation of Gwadar master plan, New Gwadar international airport, a 200-bed hospital, 200 MW power generation, and desalination plant.

Ishaq Dar, Pakistan Finance Minister

"CPEC projects would enter into their third year of implementation during 2017-2018," the minister said.

He said imports have been recorded at $37.8 billion during July-April, showing an upward trajectory compared to the same period last year.

Pakistan's defence expenditure in the next financial year will be around 7 percent higher than it was in the outgoing year at Rs 920.2 billion.