PM Shehbaz seeks corporate-style reforms in Pakistan Railways

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Shehbaz also orders reforms to improve access to business loans

Prime Minister Shehbaz Sharif has directed authorities to accelerate corporate-style reforms in Pakistan Railways and work on the upgrade of the Main Line-1 (ML-1) railway track.

Chairing a meeting to review reforms in Pakistan Railways, the prime minister approved the use of bank financing for ML-1 construction and stressed the need to utilise the commercial potential of railway properties.

He said reforms were a priority for making Pakistan Railways stronger and economically self-sufficient.

The prime minister said ML-1 was crucial for improving passenger services and increasing freight transportation.

The 1,726-kilometre ML-1 upgrade will be carried out in four sections: Karachi-Rohri, Rohri-Multan, Multan-Lahore and Lahore-Peshawar.

According to a briefing, international financing is being arranged for the Karachi-Rohri section, while plans are being developed to finance the remaining sections through local resources.

The prime minister directed authorities to accelerate work on the project.

Shehbaz Sharif praised the efforts of the National Accountability Bureau (NAB) and the Ministry of Railways to recover railway land under illegal occupation.

He directed authorities to develop commercial projects on railway land worth billions of rupees and use financing from banks for such developments.

The prime minister also ordered the relevant authorities to prepare a plan within two weeks identifying the commercial potential of railway land.

He stressed that the commercial value of railway properties should be fully assessed to help generate resources for the railways and support its financial sustainability.

Meanwhile, the premier also has directed authorities to improve the lending system for the housing, agriculture and small and medium-sized enterprise (SME) sectors.

The prime minister chaired a meeting to review the availability of loans for the three sectors and called for measures to make access to financing more effective.

He directed that the SME portal should become operational by the end of November to facilitate borrowers and enable direct monitoring of loans and letters of credit.

Shehbaz directed the Small and Medium Enterprises Development Authority (SMEDA) to take effective measures to improve the capacity of SMEs.

He also reviewed the performance of the National Bank of Pakistan and First Women Bank in providing loans.

The prime minister praised the National Bank’s 76% loan approval rate for housing and directed its newly appointed president to hire highly qualified professionals to improve the bank’s performance.

He also called for action against employees who fail to deliver the required results.

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