ISLAMABAD: Minister for Interior and Planning, Ahsan Iqbal on Tuesday urged for political stability and policy continuation to allow Pakistan’s economy to grow.
After conclusion of 52nd review meeting of China-Pakistan Economic Corridor (CPEC) on Thursday, Iqbal while speaking to journalists said Pakistan and China are on same page regarding technical issues impacting $8.2 billion Main Railway Line (ML-I) project, reported Dawn.
He urged all political parties and influential stakeholders in the country to jointly work for the economic development of Pakistan. The planning minister said 2018 was a very significant year as elections were looming and it was important to give a message of unity to international investors especially those from China that Pakistan was a stable destination.
Ahsan Iqbal stated financial and technical agreements regarding ML-I would be concluded by March and construction would soon follow suit after that. He highlighted ML-I project was one of the largest modernization projects to be undertaken in the country’s railway sector since 1947.
Iqbal said the cost of travelling and time duration would automatically come down, cutting cost from Karachi-Peshawar by 50 percent and increase the speed of trains from 80 km per hour to 160 km per hour.
The planning minister also shared the project would be financed by China via soft loans and would be undertaken in phases manner and finished in four years. Furthermore, he added railway line would be extended to Landi Kotal on the Pak-Afghan border.
Accord on immediate construction of Karakoram Highway (KKH-II) had also been reached alongside construction of two major roads on western side which includes Basima to Khuzdar and Yarik to Zhob, said Iqbal.
He added Pakistan and China were in talks regarding funding arrangement for aforementioned projects and it is expected an accord will be reached within two to three months.
During Thursdays meeting, the National Highway Authority was directed to acquire land without waiting for any funding agreement. NHA has been told to widen roads from two to six lanes and safeguard right of way roads wasn’t impinged.
Regarding Gwadar-Quetta 600 Km road segment, Iqbal stated it was 95 percent complete and it was open for traffic. A small portion including a bride was almost in completion phase, he added.
Iqbal shared the govt was considering organizing road shows in some Chinese cities for marketing Special Economic Zones (SEZs) to entice greater number of investors from China and apprise them of special incentives, logistic facilities, low-cost production and opportunities on offer.
When queried about China placing conditions on financing of additional projects, Ahsan Iqbal stated the Chinese designated maximum portfolio for Pakistan via conventional sources and were keen to raise their outreach to other areas globally.
He added to raise unconventional financing base to Pakistan several approval stages were required to expand role of Asian Infrastructure Investment Bank (AIIB) in CPEC and assist in providing funding from Silk Route Fund.
