ISLAMABAD: Mega Karachi Circular Railways project faces yet another setbackas Karachi Circular Railway (KCR) is once again likely to be neglected atthe highest forum of China Pakistan Economic Corridor (CPEC), PakistanToday has learnt.
Although the mega project is included in the agenda of the 9th JointCooperation Committee (JCC) of CPEC, scheduled to be held on November 6,sources believe the progress on the same is unlikely as the centre has notgiven a green signal with regard to the required guarantee.
“The issue of guarantee is related not only to KCR but ML-I railway projectas well; the International Monetary Fund (IMF) has objected againstsovereign guarantees,” sources said, adding that the government may take upthe issue with the visiting IMF mission.
“Until the IMF is convinced regarding the guarantee, funding for megaprojects under CPEC may not be possible,” said a source at the Ministry ofPlanning, Development and Reforms.