KARACHI: Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said the current political conflict is turning into a confrontation which will adversely affect the society and economy.
Political differences should not result in a hostile attitude as all parties should show sportsman spirit in the national interest lest it damages society and the fragile economy, he said.
Mian Zahid Hussain said that problems in CPEC projects are increasing which is worrisome.
He said that some projects were already plagued by foreign conspiracies and security issues, and now the payment crisis has started damaging critical projects.
Due to delayed payments to IPPs and other problems, work on 300 MW power plants located in Gwadar has been stopped, which is a blow.
The decision to complete this important power project in Gwadar on a priority basis was taken in 2014 but is still pending while the government does not have the resources to make the payments, he observed.
Mian Zahid Hussain said that most of the projects in Pakistan are planned on the basis of aspirations and politics without proper planning, realistic feasibility reports and loan repayment procedures, which lead to loss instead of profit.
Lenders do not take much interest in the monitoring of loans to curb the wastage of resources which results in public outcry and losses leaving the country more indebted.
He said that coal-based power projects, metro bus, Orange Line and many other projects have brought a pleasant change in the lives of the people and the soft image of Pakistan has improved.
The present government could not build mega projects due to poor governance, financial issues and opposition by the IMF, and work on Multan-Hyderabad Motorway could not be started even in three years.
The government should take note of the current economic situation and abide by agreements for projects under CPEC and create a mechanism for payments that would be acceptable to Chinese lenders and companies, he demanded.
Copyright Business Recorder, 2022
Comments
Comments are closed.