The federal cabinet on Friday approved starting negotiations on the Financial Commitment Agreement between China and Pakistan Railways to executed the ML-1 project, a crucial component of 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.
Also, the cabinet approved the immediate closure of the PWD.
The cabinet discussed and approved a two-point agenda during Friday's meeting.
The first point on the agenda involved amending the Rules of Business 1973 to facilitate the closure of the PWD.
The Prime Minister decided to shut down the PWD immediately, a move that received cabinet approval, rendering the department inactive.
The phase-II of the project is 797km long from Multan to Peshawar, which will cost $3.36 billion but it will be taken up after the confirmation of financing – either from CPEC or other sources, according to the decision.
The cabinet also approved the decisions made by the ECC on August 29.
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