Reuters
October 1, 2018 / 9:58 AM / Updated 10 hours ago
[excerpt]
https://www.reuters.com/article/us-pakistan-silkroad-railways/pakistan-cuts-chinese-silk-road-rail-project-by-2-billion-due-to-debt-concerns-idUSKCN1MB2V8Lahore, Pakistan (Reuters) - Islamabad has cut the size of the biggest Chinese “Silk Road†project in Pakistan by $2 billion, Railways Minister Sheikh Rasheed said on Monday, citing government concerns about the country’s debt levels.
The megaproject to revamp the colonial-era line stretching 1,872 km (1,163 miles) from Karachi to the northwestern city of Peshawar was initially priced at $8.2 billion, but wrangling over costs has led to delays.
The changes are part of Islamabad’s efforts to rethink key Belt and Road Initiative (BRI) projects in Pakistan, where Beijing has pledged about $60 billion in financing but the new government of populist Prime Minister Imran Khan appears to be more cautious about the Chinese investment.
