ISLAMABAD: Prime Minister Shehbaz Sharif and Asian Development Bank (ADB) Vice President Yingming Yang on Friday discussed the early groundbreaking of the long-delayed Main Line-1 (ML-1) railway project, with the government describing the Karachi-Peshawar corridor as a key priority for modernising freight logistics and strengthening regional trade.
Yang, who oversees the ADB’s operations in South, Central and West Asia, met Shehbaz during his first official visit to Pakistan in his current role. The two sides also reviewed development priorities under the ADB’s new Country Partnership Strategy (CPS) for 2026-2030.
The ML-1 upgrade, which envisages modernising Pakistan’s main railway corridor from Karachi to Peshawar, remained a central focus of the meeting.
Shehbaz stressed the need for early groundbreaking of the project, saying its implementation was vital for infrastructure development, improved connectivity and modernisation of the country’s transport and freight network.
The prime minister said an upgraded ML-1 would strengthen freight logistics, facilitate regional trade and support major industrial initiatives.
The meeting also focused on expanding cooperation with the ADB in areas including private-sector development, energy security and food security, as well as measures to improve export competitiveness and cooperation in artificial intelligence and information technology.
Shehbaz said Pakistan had successfully navigated a difficult economic turnaround through fiscal, structural and governance reforms.
He said the corrective measures had restored macroeconomic stability and strengthened investor confidence, while international credit rating agencies, including Fitch, Moody’s and S&P, had upgraded their assessments or improved their outlook for Pakistan.
The prime minister said his government remained committed to long-term economic transformation and was working to remove administrative bottlenecks through dedicated execution task forces.
Shehbaz also praised the ADB’s contribution to Pakistan’s development, particularly its support for urban infrastructure, transport and public service projects.
The meeting reviewed the two sides’ multi-decade development partnership and sought to identify priority interventions under the CPS 2026-2030.
The prime minister and the ADB vice president reaffirmed their commitment to translating the strategy’s priorities into concrete development projects aimed at promoting sustainable economic growth and improving living standards in Pakistan.
ADB launches Pakistan PPP Monitor
Separately, Pakistan on Friday renewed its push to mobilise private capital for infrastructure and economic development through public-private partnerships (PPPs) and privatisation, with officials stressing that government spending alone could not meet the country’s growing investment requirements.
The ADB, Ministry of Privatisation and Public Private Partnership Authority (P3A) organised a National Strategic Dialogue on mobilising private investment.
The event brought together Finance Minister Muhammad Aurangzeb, Prime Minister’s Adviser on Privatisation Muhammad Ali, ADB Vice President Yingming Yang, representatives of federal and provincial financial institutions and members of the investment community.
The ADB also launched the Pakistan PPP Monitor, a platform aimed at consolidating information on PPP projects and investment activity and providing investors and other stakeholders with clearer information about investment opportunities in the country.
According to the PPP Monitor, Pakistan has completed 154 PPP projects since 1990, involving investment of around $36 billion.
Privatisation Adviser Muhammad Ali said the government had begun shifting greater responsibility for economic growth towards the private sector.
“We have started handing over the reins of economic growth to the private sector,” Ali said.
He said Pakistan’s future infrastructure and development needs could not be met through government expenditure alone, stressing that the private sector would have to play a larger role in financing, building and managing infrastructure and economic assets.
Finance Minister Aurangzeb said the private sector should lead the next phase of Pakistan’s economic development.
“PPPs and privatisation can help bring investment, improve efficiency and create space for greater private-sector participation,” he said.
Yang welcomed Pakistan’s efforts to strengthen partnerships with the private sector and reaffirmed the ADB’s commitment to working with the country to promote large-scale private investment.
He also highlighted the importance of the Pakistan PPP Monitor, saying the platform would bring together information on projects and investment activity and help investors and other stakeholders identify opportunities in Pakistan.
The strategic dialogue underscored the government’s broader push to mobilise private capital through PPPs and privatisation as it seeks to reduce reliance on public spending and expand investment in infrastructure and other economic assets.
