Pakistan`s top economic body on Wednesday approved its costliest project to date as part of the multibillion-dollar China-Pakistan Economic Corridor (CPEC) agreement, giving the go-ahead for a $6.8 billion project to upgrade its railway lines, the government said.

CPEC has seen Beijing pledge over $60 billion for infrastructure projects in Pakistan, central to China’s wider Belt and Road Initiative (BRI) to develop land and sea trade routes in Asia and beyond.

The Executive Committee of the National Economic Council (ECNEC) approved the railway project, known as Mainline-1 (ML-1), on a cost-sharing basis between Islamabad and Beijing, Pakistan`s finance division said in a statement.

Under the project, Pakistan`s existing 2,655km railway tracks will be upgraded to allow trains to move up to 165km per hour - twice as fast as they currently do - while the line capacity will increase from 34 to over 150 trains each way per day.

"The execution of the project shall be in 3 packages and in order to avoid commitment charges, the loan amount for each package will be separately contracted."

CPEC has come in for criticism from some western countries, particularly the United States, which says that the projects under it are not sufficiently transparent and will saddle Pakistan with the burden of expensive Chinese loans.

Both China and Pakistan have continuously downplayed such concerns over the years. The move ahead on ML-1, which has been on hold for years, will dispel notions that the government of Prime Minister Imran Khan is seeking to roll back some of the mega projects that he himself had questioned when in opposition.

At $6.8 billion, the ML-1 project alone is almost equal to Pakistan`s entire development budget for fiscal 2020/21, which stands at 1.32 trillion Pakistani rupees ($7.9 billion).

Pakistan`s top economic body on Wednesday approved its costliest project to date as part of the multibillion-dollar China-Pakistan Economic Corridor (CPEC) agreement, giving the go-ahead for a $6.

Pakistan`s top economic body on Wednesday approved its costliest project to date as part of the multibillion-dollar China-Pakistan Economic Corridor (CPEC) agreement, giving the go-ahead for a $6.8 billion project to upgrade its railway lines, the government said. CPEC has seen Beijing pledge over $60 billion for infrastructure projects in Pakistan, central to China’s wider Belt and Road Initiative (BRI) to develop land and sea trade routes in Asia and beyond. The Executive Committee of the National Economic Council (ECNEC) approved the railway project, known as Mainline-1 (ML-1), on a cost-sharing basis between Islamabad and Beijing, Pakistan`s finance division said in a statement. Under the project, Pakistan`s existing 2,655km railway tracks will be upgraded to allow trains to move up to 165km per hour - twice as fast as they currently do - while the line capacity will increase from 34 to over 150 trains each way per day. "The execution of the project shall be in 3 packages and in order to avoid commitment charges, the loan amount for each package will be separately contracted." CPEC has come in for criticism from some western countries, particularly the United States, which says that the projects under it are not sufficiently transparent and will saddle Pakistan with the burden of expensive Chinese loans. Both China and Pakistan have continuously downplayed such concerns over the years. The move ahead on ML-1, which has been on hold for years, will dispel notions that the government of Prime Minister Imran Khan is seeking to roll back some of the mega projects that he himself had questioned when in opposition. At $6.8 billion, the ML-1 project alone is almost equal to Pakistan`s entire development budget for fiscal 2020/21, which stands at 1.32 trillion Pakistani rupees ($7.9 billion).

Pakistan approves most expensive China-aided project to date

Pakistan Prime Minister Imran Khan is expected to make his first official visit to China next month, his foreign minister&nbsp;Shah Mahmood Qureshi said.

Khan's visit to China has come amid reports hinting that the new government has a growing uneasiness with the ambitious China project.

A recent report had stated that the <a href="http://www.wionews.com/south-asia/pakistan-government-likely-to-review-cpec-deals-165016">Pak government was trying the review the agreements</a> made under the China-Pakistan Economic Corridor (CPEC) project. It further added that Khan had also formed a nine-member committee to analyse the project.

Meanwhile,&nbsp;Pakistan's Foreign Minister Shah Mahmood Qureshi said in an interview in Washington that the US $50 billion China Pakistan Economic Corridor (CPEC) is a game changer for Pakistan and has taken off.

Pakistan, he said, wants an early completing of these projects and is in talks with the Chinese on how to focus on areas that are important to the new government.

"Hopefully next month in November the prime minister would be making his first official visit to China to discuss this further," Qureshi told a Washington audience when he was asked about reports of changes in the ambitious CPEC projects.

"Obviously infrastructure is required. We need roads and rail links, optic fibers and everything of that sort. We want them to help us in areas like industrial development, enhancing agriculture productivity, helping us alleviate poverty in the country," he said to a question at the US Institute of Peace.

Qureshi said the Khan government is talking about how to improve lives and livelihoods, how labour-intensive industry can be relocated into Pakistan and give jobs.

"So that is an ongoing discussion and hopefully next month in November, the prime minister would be taking his first official visit to China to discuss this further," the top Pakistani diplomat said.

When asked about increasing relationship between Pakistan and China, Qureshi said this is not at the cost of the ties with the US.&nbsp;

"US was, is and will remain an important global player. You are a technological, economic and military power. We recognise that. There's a history of our relationship. Let's not forget that," he said.

Noting that currently there are challenges in the US- Chinese relationship, Qureshi argued that Beijing can play an important constructive role with regard to Afghanistan and peace in the region.

"I am of the view and Pakistan is of the view that China can play a constructive role and China must be engaged. China has initiated a trilateral meeting.

&nbsp;They had one in Beijing and next month in December we might have the second round in Kabul," he said.

Pakistan is currently reeling from a huge financial crisis. The new government is planning to approach the International Monetary Fund (IMF) for its 13th bailout in the last three decades, as the Pakistani rupee continues to weaken further in a volatile global financial market.

(With inputs from agencies)

Pakistan Prime Minister Imran Khan is expected to make his first official visit to China next month, his foreign minister Shah Mahmood Qureshi said. Khan's visit to China has come amid reports hinting that the new government has a growing uneasiness with the ambitious China project.

Pakistan Prime Minister Imran Khan is expected to make his first official visit to China next month, his foreign minister Shah Mahmood Qureshi said. Khan's visit to China has come amid reports hinting that the new government has a growing uneasiness with the ambitious China project. A recent report had stated that the Pak government was trying the review the agreements made under the China-Pakistan Economic Corridor (CPEC) project. It further added that Khan had also formed a nine-member committee to analyse the project. Meanwhile, Pakistan's Foreign Minister Shah Mahmood Qureshi said in an interview in Washington that the US $50 billion China Pakistan Economic Corridor (CPEC) is a game changer for Pakistan and has taken off. Pakistan, he said, wants an early completing of these projects and is in talks with the Chinese on how to focus on areas that are important to the new government. "Hopefully next month in November the prime minister would be making his first official visit to China to discuss this further," Qureshi told a Washington audience when he was asked about reports of changes in the ambitious CPEC projects. "Obviously infrastructure is required. We need roads and rail links, optic fibers and everything of that sort. We want them to help us in areas like industrial development, enhancing agriculture productivity, helping us alleviate poverty in the country," he said to a question at the US Institute of Peace. Qureshi said the Khan government is talking about how to improve lives and livelihoods, how labour-intensive industry can be relocated into Pakistan and give jobs. "So that is an ongoing discussion and hopefully next month in November, the prime minister would be taking his first official visit to China to discuss this further," the top Pakistani diplomat said. When asked about increasing relationship between Pakistan and China, Qureshi said this is not at the cost of the ties with the US. "US was, is and will remain an important global player. You are a technological, economic and military power. We recognise that. There's a history of our relationship. Let's not forget that," he said. Noting that currently there are challenges in the US- Chinese relationship, Qureshi argued that Beijing can play an important constructive role with regard to Afghanistan and peace in the region. "I am of the view and Pakistan is of the view that China can play a constructive role and China must be engaged. China has initiated a trilateral meeting. They had one in Beijing and next month in December we might have the second round in Kabul," he said. Pakistan is currently reeling from a huge financial crisis. The new government is planning to approach the International Monetary Fund (IMF) for its 13th bailout in the last three decades, as the Pakistani rupee continues to weaken further in a volatile global financial market. (With inputs from agencies)

Pakistan PM Imran Khan to visit China in November

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Pakistan approves most expensive China-aided project to date

Pakistan PM Imran Khan to visit China in November