October 4, 2024
ISLAMABAD – The government is pushing to finalise the financing agreement for the Mainline-1 (ML-1) railway track, from Karachi to Peshawar, ahead of Chinese Prime Minister Li Qiang’s visit to Islamabad on Oct 14-15 for the Shanghai Cooperation Organisation (SCO) summit.
During a meeting on the China-Pakistan Economic Corridor (CPEC) on Wednesday, Planning Minister Ahsan Iqbal urged the ministries of railways and finance to conclude the financing terms with the Chinese side within the next few days.
The goal is to announce the commencement of CPEC Phase-2 during the high-profile event. The two countries have agreed to a phased implementation of the $6.8 billion project, with the first phase covering Karachi to Multan, and the second extending from Multan to Peshawar.
Mr Iqbal also asked all other ministries and divisions to clear any hiccups with their relevant stakeholders, ensuring that as many memorandums of understanding (MoUs) as possible are signed during the Chinese premier’s visit.
In light of the importance of the event, the minister stopped at least three ministries from presenting their projects due to the absence of top-level representation, either from the minister or federal secretary.
An official said the representatives of ministries of information technology, maritime affairs and information and broadcasting were asked to leave the meeting because of the non-availability of both the minister and the secretary.
However, the secretaries for information technology and information and broadcasting later joined in through a video link. The Ministry of Foreign Affairs was asked to ensure a seamless exchange of finalised drafts of MoUs and agreements with the Chinese side.
An official statement said a high-level review meeting on CPEC projects was convened ahead of the SCO conference that brought together all relevant ministries, reflecting a unified and collaborative approach towards enhancing the bilateral relationship with China.
“In anticipation of the forthcoming visit of the Chinese Premier, the discussions centred on amplifying cross-sectoral cooperation and preparing a comprehensive action plan aimed at advancing bilateral economic and developmental goals,” the statement said.
Mr Iqbal highlighted the essential role of all ministries in the successful implementation of CPEC, emphasising that collaboration across government sectors was crucial to unlock the full potential of this flagship initiative.
He stressed the importance of leveraging the upcoming high-level engagement with China to advance business-to-business (B2B) investments, secure concrete deliverables and showcase Pakistan as an investment destination. “In this context, all ministries were urged to finalise their preparations and proposals to ensure impactful outcomes from the visit,” the statement said.