By Ishfaq A Mughal
The Federal Government has decided to inject Rs 10.1 billion in the Pakistan Railways to overcome deficit and make it operational.
The Cabinet Committee on Restructuring (CCOR) of Public Sector Enterprises met under the chairmanship of Ministry of Finance Dr. Abdul Hafeez Shaikh here on Friday.
Restoration Committee of the Cabinet directed the railway officials to end the problem of delay in the trains schedule before upcoming Eid.
The CCOR deliberated on all issues of revival of Railways in great depth. Keeping in view the importance of PR in the daily lives of general public, the Government has decided to address on an immediate basis all financial needs of Railways. Following decisions were undertaken to ensure financial sustainability of the Pakistan Railways. Under the decision, Rs 6.1 billion would be provided through a banking consortium for rehabilitation of locomotives, while Rs 4.0 billion would be provided from Public Sector Development Program (PSDP) of current fiscal year for improvement of tracks and rolling stock.
The meeting decided that Rs 6 billion would be spent on purchasing and maintenance of engine while Rs 4 billion would be spent to buy fuel and maintenance of railway tracks.
Pakistan Railways have been directed to prepare PC1 to get funds. Meanwhile, railway official said that PC1 would be prepared till Monday while improvement would also be witnessed in Pakistan railway within six months.
The federal government already has been allocated Rs 15 billion for Pakistan Railways in PSDP, release for which shall be fast tracked; and line of credit from Pakistan State Oil (PSO) to PR has been increased to Rs 2 billion to ensure smooth supply of oil to Pakistan Railways.
The meeting vowed to address all concerns and requirements of Pakistan Railways. It is expected that due to addition of locomotives, improvement of tracks and rolling stock and enhanced credit line from the PSO, the Pakistan Railways will again become a viable entity and
Provide reliable service to people of Pakistan, the CCOR directed Ministry of Railways that the discontinued services of freight and passenger should be fully restored in the shortest period of time.
CCOR also decided to further strengthen the Board of Pakistan Railways which shall be notified within one month. Board shall have representation from all four provinces and will also include professionals and experts of Railways and a strong mix from private sector. The executive committee of PR is also being strengthened to further improve management.
The CCOR reiterated that the government was fully committed to reinvigorate Pakistan Railways to provide reliable, competitive and economical service of high standards to the people of Pakistan. All members of the CCOR showed satisfaction in the comprehensive plan to restructure Pakistan Railways to play its vital role in economic growth of Pakistan and service to the people of Pakistan. The restructuring of PR shall be fast tracked to ensure implementation in the shortest period of time.
The meeting was attended by Haji Ghulam Ahmed Bilour, Minister for Railways, Mr. Maula Bakhsh Chandio, Minister for Law, Justice and Parliamentary Affairs, Mr. Ghous Bux Khan Mahar, Minister for Privatization, Dr. Nadeem ul Haque, Deputy Chairman Planning Commission, Finance Secretary, Secretary M/o Railways, DG (ERU) and officials of M/o Railways.
The Cabinet Committee on Restructuring (CCOR) of Public Sector Enterprises met under the chairmanship of Ministry of Finance Dr. Abdul Hafeez Shaikh here on Friday.
Restoration Committee of the Cabinet directed the railway officials to end the problem of delay in the trains schedule before upcoming Eid.
The CCOR deliberated on all issues of revival of Railways in great depth. Keeping in view the importance of PR in the daily lives of general public, the Government has decided to address on an immediate basis all financial needs of Railways. Following decisions were undertaken to ensure financial sustainability of the Pakistan Railways. Under the decision, Rs 6.1 billion would be provided through a banking consortium for rehabilitation of locomotives, while Rs 4.0 billion would be provided from Public Sector Development Program (PSDP) of current fiscal year for improvement of tracks and rolling stock.
The meeting decided that Rs 6 billion would be spent on purchasing and maintenance of engine while Rs 4 billion would be spent to buy fuel and maintenance of railway tracks.
Pakistan Railways have been directed to prepare PC1 to get funds. Meanwhile, railway official said that PC1 would be prepared till Monday while improvement would also be witnessed in Pakistan railway within six months.
The federal government already has been allocated Rs 15 billion for Pakistan Railways in PSDP, release for which shall be fast tracked; and line of credit from Pakistan State Oil (PSO) to PR has been increased to Rs 2 billion to ensure smooth supply of oil to Pakistan Railways.
The meeting vowed to address all concerns and requirements of Pakistan Railways. It is expected that due to addition of locomotives, improvement of tracks and rolling stock and enhanced credit line from the PSO, the Pakistan Railways will again become a viable entity and
Provide reliable service to people of Pakistan, the CCOR directed Ministry of Railways that the discontinued services of freight and passenger should be fully restored in the shortest period of time.
CCOR also decided to further strengthen the Board of Pakistan Railways which shall be notified within one month. Board shall have representation from all four provinces and will also include professionals and experts of Railways and a strong mix from private sector. The executive committee of PR is also being strengthened to further improve management.
The CCOR reiterated that the government was fully committed to reinvigorate Pakistan Railways to provide reliable, competitive and economical service of high standards to the people of Pakistan. All members of the CCOR showed satisfaction in the comprehensive plan to restructure Pakistan Railways to play its vital role in economic growth of Pakistan and service to the people of Pakistan. The restructuring of PR shall be fast tracked to ensure implementation in the shortest period of time.
The meeting was attended by Haji Ghulam Ahmed Bilour, Minister for Railways, Mr. Maula Bakhsh Chandio, Minister for Law, Justice and Parliamentary Affairs, Mr. Ghous Bux Khan Mahar, Minister for Privatization, Dr. Nadeem ul Haque, Deputy Chairman Planning Commission, Finance Secretary, Secretary M/o Railways, DG (ERU) and officials of M/o Railways.
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