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Pakistan defers approval of CPEC’s ML-1 project again

12:39 PM | 16 Apr, 2020
Pakistan defers approval of CPEC’s ML-1 project again

ISLAMABAD – The Central Development Working Party (CDWP) delayed the approval of $9.2 billion Mainline (ML-I) project under the China-Pakistan Economic Corridor (CPEC) due to multiple loopholes in the project.

The mega project, the 1872 km line starts from Karachi and terminates at Peshawar after passing through Kotri-Hyderabad, Rohri, Multan, Lahore and Rawalpindi, is seen as strategically important by both partner countries.

The approval of the project has not been differed for the first time as the CDWP has postponed it for two times in the past – 2016 and 2018 – due to some unresolved issues. The government body wanted to resolve the issues first before heading forward.

A statement issued by the planning ministry said that the “forum underlined the space for improvement in the proposal and deferred the project till next meeting”.

The ministry pointed flaws in the financial and technical working of the project, saying: “The results of the financial and economic analysis provided in the PC-I, based on total cash flow are misleading”.

Demanding fresh analyses on financial cost and benefits of the project from sponsors, the planning ministry highlighted that it has found no possibility of freight generation by the CPEC Special Economic Zones (SEZs) in the near future as all SEZs in Pakistan are yet to be executed.

“The instant project is only envisaged to seek Chinese loan, using CPEC framework to upgrade the existing railway infrastructure on ML-I,” the ministry said.

Deputy Chairman Planning Commission Mohammad Jehanzeb Khan chaired the CDWP meeting and it was attended by Planning Secretary Zafar Hasan and other officials. The meeting approved three other projects worth Rs 1.04 billion.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 19 May 2024

Pakistani currency rates against US Dollar and other currencies on May 18, 2024 (Saturday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 19 May 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72

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