PAK PLANS TO SEEK DEBT RELIEF FOR CHINA BELT AND ROAD LOAN

ISLAMABAD: Pakistan plans to ask China for relief on payments for power projects Beijing financed over the past eight years, the latest developing nation that’s struggling to repay debt under President Xi Jinping’s Belt and Road Initiative.

In informal talks, Pakistan and China have discussed easing terms on the repayment of debt on about a dozen power plants, according to a person with knowledge of the matter, who said Islamabad hasn’t made a formal request yet. The parties have canvassed Beijing’s willingness to stagger debt payments, as opposed to lowering equity returns, the person said, requesting anonymity.

An enormous build-out of Chinese-financed power plants in Pakistan, has resulted in a surplus that Islamabad isn’t able to afford.

NEW DELHI: The government on Tuesday expressed concern over reports that automobile manufacturers are selling vehicles with purposefully downgraded safety standards in India and asked them to stop the ‘unpardonable’ practice.

Speaking at a seminar on implementation of vehicle location tracking devices to enhance road safety, organised by industry body SIAM, ministry of road transport and highways secretary Giridhar Aramane noted that only a few manufacturers have adopted vehicle safety ratings system and that too used only for their high-end models.

“I am deeply perturbed by news items that Indian models are purposefully downgraded by auto manufacturers’ safety standards in India. This practice needs to be stopped...,” he said.

Stating that the vehicle makers play the most significant role in road safety, Aramane said,, “Auto manufacturers could not spare any efforts in offering the best quality vehicle in India and it is unpardonable that few of them are downgrading to sell in India.” He further said, “Also (I am) very disturbed by the fact that very few have adopted the safety ratings system which is used by very few manufacturers for their high-end models.”