The Executive Committee of the National Economic Council (ECNEC) has approved Karachi Circular Railway as a modern urban railway under Public Private Partnership mode with a total cost of Rs201.5 billion.
The meeting of ECNEC was held under the chair of Federal Minister for Finance and Revenue Shaukat Tarin on Wednesday.
The Ministry of Planning, Development and Special Initiatives submitted a summary on development, operation and maintenance of Karachi Circular Railway as a modern urban railway under Public Private Partnership mode with a total cost of Rs201.572 billion.
The project envisages construction of a 43.225 km dual track urban mass transit system to be built in a period of 3 years. Karachi Circular Railways Management Company (KCRMC) will be responsible to keep an oversight related to the execution, operation and maintenance of the project.
The ENEC approved the project after detailed discussion while a committee was also formed under the finance minister to review the transaction structure related to federal government VGF contribution.
Meanwhile, the Ministry of Planning, Development and Special Initiatives also submitted a summary regarding revised standardized pay packages for the staff directly recruited under development projects. The ECNEC after due deliberation approved to enhance the Project Pay Scale (PPS) at a rate of 75 per cent.
The ECNEC after discussion approved a summary presented by the Ministry of Planning, Development and Special Initiatives regarding appropriate allocation of total budget outlay in PSDP projects for running effective media campaigns to create awareness about federal government’s policies, projects and initiatives aimed at socio-economic development and welfare of the people.
