Home Business The government is preparing to introduce new law to accelerate CPEC projects

The government is preparing to introduce new law to accelerate CPEC projects


The bill proposes the abolition of the position of Executive Director of the CPEC Authority, the reduction of the powers of the Chairman of the CPEC Authority in decision-making and the removal of the authority of the Authority to establish a works council. to target. .

ISLAMABAD: The government has decided to introduce a new law to speed up China-Pakistan Economic Corridor (CPEC) projects, sources revealed Monday.

According to the details, the Cabinet Committee on the Regulation of Legislative Affairs (CCLC) had recently approved a bill that belongs to the authority of the CPEC. The federal cabinet will likely ratify the new law before submitting it to the National Assembly.

“Following the expiration of the 2019 CPEC Authority Ordinance, the government has enacted a new CPEC Authority 2020 Act to amicably handle matters related to the CPEC Authority and accelerate the pace of CPEC projects that are important to the economic development of the country, ”a source informed.

The CPEC Authority was established on October 5, 2019 by the CPEC Authority Order 2019 with the aim of coordinating, evaluating and monitoring CPEC related activities across the country.

The order expired on May 31, 2020 after a one-time extension of 120 days was granted by decision. After the expiry of the regulation, the CPEC authority was dissolved.

By sharing the details of the bill, the sources said it was proposed to abolish the position of Executive Director of the CPEC Authority, reduce the powers of the Chairman of the CPEC Authority in the decision-making process, and reduce the powers of the CPEC Authority. the CPEC authority. Authority of the CPEC to form the Business Council of the CPEC.

According to the bill, “the authority may request all relevant information it needs from any person, institution or agency that is or has been directly or indirectly involved in any activity related to the CPEC, while any person or its authorized representative is required to provide this information within the time limit prescribed by the authority or said official “.

Likewise, in the performance of its duties, the Authority may seek the assistance or facilitation of an office, authority or body operating under the Government or a representative designated by the provinces. and territories. In this sense, the provinces and territories may designate a representative to provide information and assist the authority in the exercise of the functions provided for in the new law.

The decision of the authority is taken by a majority of the total number of members, and the quorum for a meeting is two-thirds of the total number of members, while the group is counted as one.

There will be a CPEC Business Council that will be informed by the Investment Board, which will advise the authority in accordance with the Memorandum of Understanding (MoU) signed between the Chinese National Development and Reform Commission and the Ministry of Planning, Development and special initiatives. from Pakistan. .

The BOI provides the secretariat for the works council and meets regularly.

It was also proposed to give the authority a single budget line and the president will be the authority’s chief accountant. The budget prepared by the government is examined by the Budget Committee consisting of three members, two appointed by the CPEC authority and one member by the administrative authority. The government can establish the CPEC fund to achieve its objectives according to the modalities approved by the finance department.

In addition to the control provided for in the first paragraph, the authority will have its accounts audited annually by a chartered accountant or an office of chartered accountants.

It is pertinent to mention that the bill has been sent to the Prime Minister’s Office for assessment, after which the Prime Minister has ordered the bill to be submitted to the Cabinet for consideration.

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