
Senate panel gives NHA deadline on N-55 project
The Senate Standing Committee on Economic Affairs Division met at the Parliament House on Friday under the chairmanship of Senator Saifullah Abro to address critical concerns over dualisation of N-55 project. It gave the National Highway Authority (NHA) a stringent deadline of two weeks to furnish additional information crucial for finalising proceedings pertaining to the multibillion-rupee project.
Senator Abro expressed serious reservations about the potential of awarding the contract for dualisation of Rajanpur-Dera Ismail Khan road under the Central Asia Regional Economic Cooperation (Carec) programme to a company that had previously faced issues related to its performance.
He highlighted concerns over the termination of Multan-Lodhran Motorway section contract and the subsequent arbitration rulings, questioning the impartiality of arbitrator Zafar Siddiqui.
In response to those allegations, NHA Member Aided Projects Ashfaq Khan defended the credibility of Siddiqui, citing his extensive arbitration experience and clarifying that any payments made were not related to the current project, which was under scrutiny.
Committee chairman insisted on conducting a detailed financial audit to verify the legitimacy of bidding process and financial claims made by the local partners. Azeem Ullah, a financial expert associated with the NHA, explained the standard practice regarding joint ventures and reiterated the legality of claims made by partners for the released amount. Despite such clarifications, Abro sought a thorough trail of financial turnovers.
Meanwhile, the NHA chairman intervened to underscore the adherence to legal procedures in appointing arbitrators and conducting evaluations, emphasising the transparency of the process. A spokesperson for the lowest-bid joint venture, led by a Chinese firm, called the process 'unjustified'. He complained about consistently targeting their company without merit and creating unwarranted controversy.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
an hour ago
- Business Recorder
CAREC region sans PRC attracts $13.3bn FDI inflow in 2023
ISLAMABAD: Central Asia Regional Economic Cooperation (CAREC) region (excluding the PRC) attracted foreign direct investment (FDI) inflow of $13.3 billion in 2023, and as a share of gross domestic product, Mongolia stood out with FDI of 11 percent, far exceeding countries such as Pakistan (0.5 percent), says Asian Development Bank (ADB). The bank in its report, 'deepening trade and transport facilitation policy analysis of border crossing points expanding the CAREC corridor performance measurement and monitoring framework', stated that CAREC region (excluding the PRC) attracted FDI inflow of $13.3 billion in 2023, accounting for just one percent of global FDI, significantly lower than sub-regions such as Southeast Asia (17 percent) and South Asia (three percent). Kazakhstan received nearly one-fourth of this inflow, reflecting its openness to foreign investment and international integration. However, as a share of gross domestic product, Mongolia stood out with FDI of 11 percent, far exceeding countries such as Pakistan (0.5 percent) and Kazakhstan and Tajikistan (1.2 percent each). ADB-funded CAREC project: NHA rejects irregularity claims The report stated that to bridge economic disparities through regional cooperation, CAREC has mobilised over $51 billion in investments across 276 regional projects since 2001, with a strong focus on developing multimodal transportation networks, enhancing trade, enabling free movement of people and goods, and laying the groundwork for the development of economic corridors. Of these investments, transport has the biggest share, with about 67.4 percent or about $34.3 billion; while trade facilitation and trade policy accounts for 2.7 percent or about $1.4 billion. Copyright Business Recorder, 2025


Business Recorder
an hour ago
- Business Recorder
China, HK stocks rebound after steep weekly loss
HONG KONG: Chinese and Hong Kong stocks gained on Monday, recovering from last week's sharp declines, as defence and tech stocks led gains. At market close, the Shanghai Composite index was up 0.7% at 3,583.31 points, recovering from losses in earlier trades. The blue-chip CSI300 index jumped 0.4%. The defence sector led the onshore market higher with a 2.9% gain. The semiconductor sector gained 1% and AI-related stocks added 0.9%. The rebound on Monday came after markets last week booked their steepest losses since April. The bullish trend for Chinese equities has started to show signs of slowing as the much anticipated Politburo meeting and tariff negotiations with the US both failed to deliver positive surprises. 'Market sentiment is becoming more volatile as positive catalysts are losing momentum,' Citic Securities said in a note, adding that investors might shift focus to defensive sectors for shelter or industries with clear growth trajectories. In Hong Kong, the benchmark Hang Seng Index was up 0.9% at 24,733.45, also recovering from last week's loss. The tech sector jumped 1.6% and AI-related shares added 1.7%, leading markets higher. Domestic ship stocks continued to rally on Monday after Beijing raised concerns over potential security risks in Nvidia's H20 chip. Looking ahead, markets are awaiting new developments on the trade truce between China and the US that expires on August 12. US Treasury Secretary Scott Bessent said Washington has the makings of a deal and was 'optimistic' about the path forward. 'Given rising uncertainties in the foreign market, especially in the US where Trump's intervention in economic reporting undermines the efficacy of policies, both on- and off-shore Chinese markets will likely be under pressure in the near term,' Hong Hao, chief investment officer at Lotus Asset Management, said in a note.


Express Tribune
4 hours ago
- Express Tribune
'Mercenaries' fighting for Russia: Zelenskiy
President Volodymyr Zelenskiy said on Monday that Ukrainian troops in northeastern Ukraine were fighting foreign "mercenaries" from various countries including China, Pakistan and parts of Africa, and vowed a response. Zelenskiy has previously accused Moscow of recruiting Chinese fighters for its war effort against Ukraine, charges Beijing denied, while North Korea has also provided thousands of its own troops in Russia's Kursk region. "We spoke with commanders about the frontline situation, the defence of Vovchansk, and the dynamics of the battles," Zelenskiy wrote on X after visiting a frontline area in the northeastern Kharkiv region. "Our warriors in this sector are reporting the participation of mercenaries from China, Tajikistan, Uzbekistan, Pakistan, and African countries in the war. We will respond." Reuters contacted the embassies of Tajikistan, Uzbekistan and Pakistan in Kyiv to request comment. Russia did not immediately comment publicly on Zelenskiy's comments