Islamabad August 31 2024: The Federal cabinet on Friday approved starting negotiations on the Financial Commitment Agreement between China and Pakistan Railways for the up gradation of the ML-1 project, a crucial component of the China-Pakistan Economic Corridor (CPEC).
The cabinet meeting, chaired by Prime Minister Shehbaz Sharif, instructed that the final agreement (on ML-1) be brought back to the cabinet for approval.
It may be mentioned that ML-1 project will be executed under China-Pakistan Economic Corridor (CPEC). Both the countries had also signed an addendum to the CPEC’s framework agreement under which the ML-1, the country’s first-ever state-of-the-art mega project, will be executed with a rationalised cost of USD 6.678 billion instead of USD 9.85bn.
The prime minister briefed the cabinet on his recent visit to Quetta, highlighting ongoing efforts to strengthen the capacity of law enforcement agencies, such as the police and levies, in Balochistan.
The prime minister stated that the entire nation was committed to eliminate terrorism and setting an example by dealing firmly with terrorists.
He also praised the Balochistan provincial government for its commendable efforts to integrate Baloch youth into the national mainstream, aiming for their development and prosperity.
The prime minister stated that the federal government will fully support the Balochistan government in offering world-class education and equal development opportunities to Baloch youth.
The Cabinet also approved the decisions made by the Economic Coordination Committee on August 29, 2024.
