Mega Karachi Circular Railways project faces yet another setback

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Mega Karachi Circular Railways project faces yet another setback

ISLAMABAD: Mega Karachi Circular Railways project faces yet another setback as Karachi Circular Railway (KCR) is once again likely to be neglected at the highest forum of China Pakistan Economic Corridor (CPEC), Pakistan Today has learnt.

Although the mega project is included in the agenda of the 9th Joint Cooperation Committee (JCC) of CPEC, scheduled to be held on November 6, sources believe the progress on the same is unlikely as the centre has not given a green signal with regard to the required guarantee.

“The issue of guarantee is related not only to KCR but ML-I railway project as well; the International Monetary Fund (IMF) has objected against sovereign guarantees,” sources said, adding that the government may take up the issue with the visiting IMF mission.

“Until the IMF is convinced regarding the guarantee, funding for mega projects under CPEC may not be possible,” said a source at the Ministry of Planning, Development and Reforms.