ISLAMABAD – China’s Ambassador to Pakistan Yao Jing on Wednesday conveyed his government’s pleasure on Executive Committee of the National Economic Council (ECNEC) approval of approved project for upgradation of Pakistan Railways existing Mainline-1 (ML-1), said CPEC Authority Chairman Lt Gen (retd) Asim Saleem Bajwa in a tweet.
The Chinese envoy stated this during his visit to office of CPEC Authority, he said.
Separately, Sun Yangjun, DG China Railway Group, visited and felicitated Pakistan on ML-1 approval.
The CPEC Authority chief said that the DG assured to use max local labour and materials.
HE Yao Jing,the Chinese Ambassador visited CPEC Authority& conveyed his Govt’s pleasure on ECNEC approval of ML-1. Seperarely Mr. Sun Yangjun DG China Railway Gp visited&felicitated Pakistan on ML-1 approval.Assured to use max Local labour&materials #cpec #cpecmakingprogress pic.twitter.com/EXN3NPeri4— Asim Saleem Bajwa (@AsimSBajwa) August 12, 2020
On August 5, the ECNEC had approved project for upgradation of ML-1 at the cost of over 6.8 billion dollars.
The meeting of the Committee was held in with Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh in chair.
The project will be completed in three packages in which existing 2,655 KM track will be upgraded.
The speed of passenger trains will increase from 65/110 KM/h to 165 KM/h and line capacity will increase from 34 to 137/171 trains each way per day.
Ministry of Railways will constitute a project steering committee for effective supervision and implementation of the project.
ISLAMABAD – Pakistani rupee finally ended its losing streak against US dollar on Tuesday, gaining Rs4.43 after massive depreciation over the last week.
During the intra-day trading, the rupee was hovering at 266.75 with an appreciation of around 1.07 percent as talks between Pakistan and IMF underway for a stalled bailout programme.
Earlier on Monday, the rupee plunged by Rs7 and the greenback touched all-time high of Rs272. Last week, the local currency dropped by Rs24.54 in the interbank market – the largest single-day depreciation in more than two decades.
Finance experts linked the rupee’s recovery to exporters offloading some of their proceeds as remittances and export continued days after dollar cap was removed.
The country of over 220 million is facing a worst economic crisis with the forex reserved held by the country’s central bank remaining at critical $3.68 billion which were not enough to cover a month's import.
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs205,900 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs176,530.
Likewise, 10 grams of 22k gold were being traded for Rs162,500 while a single tola of 22-karat gold was being sold at Rs 182,100.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 205,900||PKR 2,370|
|Karachi||PKR 205,900||PKR 2,370|
|Islamabad||PKR 205,900||PKR 2,370|
|Peshawar||PKR 205,900||PKR 2,370|
|Quetta||PKR 205,900||PKR 2,370|
|Sialkot||PKR 205,900||PKR 2,370|
|Attock||PKR 205,900||PKR 2,370|
|Gujranwala||PKR 205,900||PKR 2,370|
|Jehlum||PKR 205,900||PKR 2,370|
|Multan||PKR 205,900||PKR 2,370|
|Bahawalpur||PKR 205,900||PKR 2,370|
|Gujrat||PKR 205,900||PKR 2,370|
|Nawabshah||PKR 205,900||PKR 2,370|
|Chakwal||PKR 205,900||PKR 2,370|
|Hyderabad||PKR 205,900||PKR 2,370|
|Nowshehra||PKR 205,900||PKR 2,370|
|Sargodha||PKR 205,900||PKR 2,370|
|Faisalabad||PKR 205,900||PKR 2,370|
|Mirpur||PKR 205,900||PKR 2,370|