According to sources, under pressure from the International Monetary Fund(IMF), Pakistan has reduced the cost of its ML-1 railway project, whichaims to establish modern railway lines. The project’s cost has been reducedto less than $3 billion after expressing reservations on Chinese loans forthe ML-1 railway project.
Instead of the initially estimated $9 billion, the project from Peshawarto Karachi ML-1 will now be completed at a cost of around $6 billion.
The Peshawar to Karachi railway project, spanning 1750 kilometers, will becompleted in three phases, with Phase 1 costing $2.7 billion, Phase 2 at$2.6 billion, and Phase 3 at $1.4 billion.
Sources have reported that the operational speed of the trains has beenreduced to 140 kilometers per hour instead of the initially planned 160kilometers per hour. Instead of building new bridges, only specificlocations will be graded upon project completion. This is expected toincrease the number of new trains in the country to 134.
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It is also possible that the revised PC-1 and design for the ML-1 projectcould be approved soon. Progress in project financing is expected duringthe Prime Minister’s visit to China.