Govt defers ML-3 for third time

The Central Development Working Party has postponed approval of Pakistan Railways’ Rs278 billion ML-3 rehabilitation for the third time in five months, The Express Tribune reported. The 996-kilometre upgrade, estimated at $1 billion, would carry minerals from the Reko Diq mines, but officials cited financing questions and a possible shift in the export route from Karachi to Gwadar.

Planning Minister Ahsan Iqbal said the proposal was held back pending further details on bridge financing from Reko Diq Mining Company, run by Barrick Gold. The government has approved a proposed $390 million loan at 6% annual interest, repayable by June 2028, but a change to Gwadar could require renewed funding commitments; the total repayment is estimated near $450 million. Only Rs250 million is allocated for the project this fiscal year, while officials warn that funding delays could raise costs.