PM directs linking of Rekodiq with railway network by 2028
Prime Minister Shehbaz Sharif on Tuesday directed authorities to link Rekodiq with Pakistan's railway network by 2028 to enhance future transportation and cargo services.
Chairing a meeting focused on the upgradation of Pakistan Railways and the proposed extension to Rekodiq, the Prime Minister also instructed the formation of an inter-ministerial committee to manage financing for the project.
The committee is tasked with presenting recommendations regarding the necessary funds for both the development of the railway network and its expansion to Rekodiq.
During the meeting, the PM was briefed on the progress of the ML-1 and ML-3 railway upgradation projects, which are part of Pakistan Railways' broader strategy to meet the future needs of both transportation and cargo services.
PM Shehbaz highlighted that Pakistan Railways is a vital component of the country's economy and communication systems, describing it as a cheap, fast, and environmentally friendly mode of transport.
He emphasised that the connection between the railway network and Rekodiq would stimulate Balochistan's mining and minerals sector while creating new employment opportunities for residents.
The meeting was attended by several senior government officials, including Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, Defence Minister Khawaja Muhammad Asif, Minister for Economic Affairs Ahad Khan Cheema, Minister for Maritime Affairs Junaid Anwar Chaudhry, Minister of State for Railways Bilal Azhar Kayani, Special Assistant to the Prime Minister Tariq Fatemi, and other key officials.
This development comes after Finance Minister Muhammad Aurangzeb announced that the World Bank Group had approved a $700 million loan for the Reko Diq mining project, despite strong opposition from India, which attempted to block the investment needed to meet the project's total $3 billion financing requirement.
The World Bank Group approved the concessional package by rejecting Indian objections, Aurangzeb said while speaking during a meeting of the Senate Standing Committee on Finance.
Of the total, $300 million will be provided by the International Finance Corporation (IFC), and $400 million will be extended by the International Development Association (IDA), both part of the World Bank Group. This marks the third instance in the past month where India has failed to block lending.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
an hour ago
- Express Tribune
PM to continue remittance scheme for overseas Pakistanis amid record inflows
Increase in manpower export should improve workers' remittances to around $32 billion in current fiscal year, compared to the record high of $31 billion in previous year. photo: file Listen to article Prime Minister Shehbaz Sharif has decided to continue Pakistan's facilitation scheme aimed at encouraging overseas Pakistanis to send remittances through formal channels, the Prime Minister's Office said Saturday. According to the official statement, the prime minister directed the Ministry of Finance to immediately release funds on a priority basis under the Workers' Remittances Incentive Scheme. 'Overseas Pakistanis are a vital asset and strength of the country,' said Prime Minister Shehbaz. 'The hard-earned remittances sent by them play a significant role in Pakistan's development — a contribution valued by the entire nation, including myself.' وزیرِ اعظم شہباز شریف کا بیرون ملک مقیم پاکستانیوں کی ترسیلات زر پاکستان بھیجنے کی سہولت اسکیم کو جاری رکھنے کا فیصلہ@CMShehbaz — PTV News (@PTVNewsOfficial) July 26, 2025 The premier highlighted that in the fiscal year 2025, overseas Pakistanis sent a record-high $38.3 billion in remittances. He noted this was instrumental in securing a current account surplus — Pakistan's first in 14 years — and helped meet the import bill while boosting foreign exchange reserves. Shehbaz Sharif also emphasised that contributions come from all sectors of the diaspora — from labourers to business professionals — and underscored the need to remove barriers to remittance flows. 'Efforts are ongoing to make the remittance system more efficient, effective, and user-friendly for our hardworking overseas community,' he added. The incentive scheme aims to channel more remittances through formal banking channels, a crucial factor for Pakistan's economic stability.
Business Recorder
2 hours ago
- Business Recorder
Pakistan govt decides to continue remittance incentive scheme
Pakistan Prime Minister Shehbaz Sharif decided on Saturday to continue the remittance incentive scheme, directing the Ministry of Finance to immediately release funds on a priority basis for the Workers' Remittances Incentive Scheme, a statement from the Prime Minister's Office (PMO) read. The development comes a few weeks after State Bank of Pakistan's (SBP) Dr Inayat Hussain reportedly cautioned that the government's decision to curtail subsidies for promoting foreign remittances, which hit a record $38 billion in F2024-25, might reduce the flow through banking channels. 'Overseas Pakistanis are our strength and a valuable asset of the country,' PM Shehbaz was quoted as saying the PMO statement on Saturday. SBP revises Telegraphic Transfer charges scheme, raises limit to $200, includes ECs 'The hard-earned remittances sent by overseas Pakistanis play a vital role in Pakistan's development, and I, along with the entire nation, deeply value their contribution. 'These remittances not only helped in covering the rising import bill but also contributed to the increase in foreign exchange reserves,' he said. 'We are removing obstacles in the way of remittances sent by hardworking overseas Pakistanis and making the system more effective, efficient, and user-friendly.' The inflow of overseas workers' remittances into Pakistan stood at $38.3 billion in fiscal year 2024-25, the highest-ever in the country's history, the SBP data showed. Remittances increased by 27% year over year, compared to $30.25 billion recorded in the previous fiscal. Home remittances play a significant role in supporting the country's external account, stimulating Pakistan's economic activity as well as supplementing the disposable incomes of remittance-dependent households.
Business Recorder
4 hours ago
- Business Recorder
India's Modi renews ties with Maldives
MALÉ: Indian Prime Minister Narendra Modi wrapped up a visit to the Maldives on Saturday, renewing ties by offering infrastructure projects and vital financial assistance to the cash-strapped Indian Ocean nation. Regional powerhouse India had been concerned that its small, yet strategically located neighbour was drifting towards the orbit of its rival China following the 2023 election of President Mohamed Muizzu on an anti-India platform. Since coming to office, Muizzu has secured the withdrawal of a small contingent of Indian military personnel who operated search-and-rescue aircraft in the archipelago. But he has since toned down his anti-India rhetoric, and on Friday he touted the two nations' collaboration on security and trade. Modi announces $565-million credit line for debt-plagued Maldives 'India has long stood as the Maldives' closest and most trusted partner,' Muizzu said in a banquet speech alongside Modi, whom he met with twice last year. 'We deeply value the friendship of India and are grateful for the timely assistance your country has extended to us in moments of need,' Muizzu added. Shortly after his arrival on Friday, Modi unveiled a $565 million credit line for the Maldives, which is facing a severe foreign exchange shortage despite its thriving tourism industry. India also reduced annual repayments of an earlier credit line from $51 million to $29 million, and the two sides discussed a potential free-trade agreement. Muizzu said the new credit line would bolster the Maldives' security forces, and improve healthcare, housing and education. During his two-day trip, Modi also inaugurated a new defence ministry headquarters and several India-funded infrastructure projects, including roads and a 4,000-unit housing scheme. Modi's visit had set 'a clear path for the future of Maldives-India relations', Muizzu wrote on X on Saturday as the Indian leader left the capital Male after 60th Independence Day celebrations. 'Our relationship continues to grow, shaped by people-to-people ties and cooperation in various sectors,' Modi wrote in his own post on X. 'India remains committed to supporting the aspirations of the Maldivian people.' Known for its luxury tourism and pristine beaches, the Maldives is also a geopolitical hotspot, with key global shipping lanes passing through its 1,192 islands, stretching across 800 kilometres (500 miles) of the equator. China and India are the Maldives' two largest bilateral lenders.
