Pak mulls taking upfront cost of CPEC projects to boost forex reserves

Pakistan is reviewing a proposal to receive upfront 20 per cent of the total cost of five China-Pakistan Economic Corridor (CPEC) projects as deposits in the central bank in a bid to get breathing space amid declining foreign exchange reserves, a media report said on Sunday.

The proposal has been discussed at the highest level as Prime Minister Shehbaz Sharif has given instruction to further fine-tune it, a Cabinet minister told The Express Tribune.

He said that at least five CPEC projects were discussed during a meeting, having a total estimated value of USD 7 billion.