Islamabad: One of Pakistan’s key railway modernisation projects planned to be built under the China-Pakistan Economic Corridor (CPEC) is in trouble due to the IMF’s conditions regarding sovereign guarantees, according to a media report on Saturday.
The Main Line-1 (ML-1) aimed to modernise over 1,726 kilometres of colonial-era rail line stretching from Karachi to Peshawar remains subject to IMF approval and the finance ministry’s ability to provide sovereign guarantees for a USD 6.67 billion loan from China, even though the project’s budget has been cut by 32 per cent, reported the Dawn newspaper.
The CPEC is a collection of infrastructure and other projects under construction throughout Pakistan since 2013.
Pak’s railway upgradation project under CPEC subject to IMF approval added by Press Trust of India on
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