ISLAMABAD: The government has secured a $2 billion financing package from the Asian Development Bank (ADB) to commence the Karachi-Rohri segment of the Karachi-Peshawar mainline (ML-1) early next year, aiming to complete it before December 2028 to facilitate transportation from the multi-billion-dollar Reko Diq Copper and Gold Project.

Speaking at a press conference, Minister of State for Finance and Railways Bilal Azhar Kayani said the two critical sections of the $10 billion ML-1 expansion would be ready by the end of 2028. “The Karachi-Rohri section has progressed with the $2bn ADB package, while discussions on the Rohri-Naukundi section with Reko Diq Mining Company are ongoing. Both will be completed before production starts at Reko Diq,” he added.

The minister also highlighted ongoing privatisation efforts, noting that the sale of Pakistan International Airlines is expected to move forward next month following the successful divestment of First Women Bank.

On export growth, Mr Kayani said recently formed working groups, led by private sector business leaders, are tasked with formulating policy recommendations within the parameters of the IMF programme. “These groups are expected to submit their proposals and targets by Nov 15 for Prime Minister Shehbaz Sharif’s consideration,” he said.

The groups cover key sectors including income tax, customs, anti-dumping, export development fund, energy, railways, ports, industrial development, agriculture, IT, and industrialisation. Officials from relevant ministries serve as technical advisors.

“The government is committed to integrating practical private sector suggestions into policies to reduce energy costs, implement tax reforms, promote exports, and foster sustainable growth,” the minister said. Special emphasis is being placed on developing agriculture as a source of foreign exchange and enhancing IT exports.

Mr Kayani stressed that continuous consultation with the private sector has been institutionalised, reflecting the administration’s belief that sustainable economic progress requires joint public-private efforts. He acknowledged that challenges remain in tackling inflation, boosting jobs, expanding exports, and improving the business environment, but noted significant improvements since the government took office 18 months ago.

“The Prime Minister’s recent three-hour engagement with business leaders demonstrates the government’s commitment to incorporating their perspectives into national economic policies,” he added.

Published in Dawn, October 28th, 2025