The federal government has decided to expedite the projects of the China Pakistan Economic Corridor, said Minister for Planning, Development and Reforms Khusro Bakhtiar on Tuesday.
“We have decided to expedite and broaden the scope of CPEC with a focus on human development and poverty elimination,” Bakhtiar said.
He was addressing a news conference after a meeting of the Economic Coordination Committee of the cabinet. Federal Information Minister Fawad Chaudhry was present.
The committee, headed by Finance Minister Asad Umar, approves key economic decisions.
“The previous government acquired huge loans to initiate favourite projects like the orange train,” he said. “They broke all records of bad governance.”
The minister said CPEC projects approved by the former government even neglected Gwadar. “Gwadar’s water and electricity requirements were not met.”
He said the government has decided to introduce a ‘third country investment framework’ to invite foreign investment.
“This initiative will support the country’s ailing economy,” he said.
He said a ‘socio-economic’ group is being established for CPEC in which Pakistan and China will focus on some sectors, including agriculture, to eliminate poverty.
“Pakistan’s financial plan for the next five years will focus on human capital development,” the minister said.