ISLAMABAD: China has assured Pakistan of its cooperation in securing financing for the Karakoram Highway (KKH) Phase Two project and the ML-1 railway upgrade.
Planning Minister Ahsan Iqbal said that the financing agreement for the ML-1 project is expected to be finalized this month.
The Ministry of Planning and Development has released a report on the state of the national economy and development projects. Minister Ahsan Iqbal stated that Pakistan aims to increase its exports to China from 3 billion dollars to 60 billion dollars.
Inflation declined significantly from 10.4 percent last year to 3.5 percent in the first two months of the current fiscal year. The Federal Board of Revenue (FBR) recorded a 14.1 percent increase in tax revenue from July to August, reaching 166.1 billion rupees. Tax collection for the month of August alone increased by 13.5 percent.
Investor confidence has risen, pushing the Pakistan Stock Exchange beyond the 146,000-point mark. Credit disbursement to the private sector also increased by 13 percent. Out of the one trillion rupees PSDP (Public Sector Development Programme) allocated for two months, approvals were granted for projects worth 150 billion rupees, while 46 billion rupees have been disbursed.
Ahsan Iqbal emphasized that CPEC Phase Two will focus on innovation in the agriculture sector and industrial development through enhanced cooperation. The Pakistan-China Joint Cooperation Committee meeting has been scheduled for September 26.
These initiatives are seen as critical to strengthening the economic ties between Pakistan and China, enhancing regional connectivity, and boosting Pakistan’s infrastructure and industrial base. The progress in CPEC projects is expected to contribute significantly to sustainable economic growth and create new opportunities for trade and investment.
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