ISLAMABAD: The government has decided to introduce a fresh law to fast-track the China-Pakistan Economic Corridor (CPEC) projects, according to a news report published on Monday. Reportedly, the draft proposes the abolishment of the CPEC Authority’s CEO position, reduction in the powers of the authority’s chairman in decision making, and an end to the powers of being able to constitute a business council.
As per details, the Cabinet Committee on the Disposal of the Legislative Cases (CCLC) had recently approved a draft law pertaining to the CPEC Authority, which is likely to be ratified before the National Assembly.
The CPEC Authority was established through the CPEC Authority Ordinance 2019 on October 5, 2019 for efficient coordination, evaluation and monitoring of CPEC-related activities across the country. The ordinance expired on May 31, this year, after the grant of a one-time extension of 120 days through a resolution. As a result of the ordinance’s expiry, the established CPEC Authority will dissolve.
As per the draft law, “The authority may call for any pertinent information, required by it from any person, institution or body that is or has been involved directly or indirectly in any CPEC-related activity, while any person or its authorised officer will be bound to provide this information within the period prescribed by the authority or such officer.”
Moreover, the decision of the authority will be taken by the majority (two-thirds) of total members. There will be a CPEC Business Council to be notified by the Board of Investment (BOI), which will advise the authority in accordance with the memorandum of understanding (MoU) signed between the National Development and Reforms Commission of China and Pakistan’s Ministry of Planning Development and Special Initiatives.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
