PM Shehbaz Directs Corporate-Style Reforms in Pakistan Railways, Approves Bank Financing for ML-1
The Prime Minister also ordered a two-week plan on the commercial potential of railway land, and asked for faster lending to housing, agriculture and SMEs.
PM Shehbaz Sharif directs corporate-style reforms in Pakistan Railways, approves bank financing for the 1,726-km ML-1 upgrade, and orders a plan on railway land within two weeks.
Prime Minister Shehbaz Sharif has directed authorities to accelerate corporate-style reforms in Pakistan Railways and speed up the upgrade of the Main Line-1 (ML-1) railway track. Chairing a review meeting, he approved the use of bank financing for ML-1 construction and stressed the need to use the commercial potential of railway properties. He said reforms are a priority for making Pakistan Railways stronger and economically self-sufficient.
ML-1 Upgrade
The PM said ML-1 is crucial for improving passenger services and increasing freight transportation. The 1,726-kilometre upgrade will be carried out in four sections: Karachi-Rohri, Rohri-Multan, Multan-Lahore and Lahore-Peshawar. According to the briefing, international financing is being arranged for the Karachi-Rohri section, while plans are being developed to finance the other sections through local resources.
Railway Land
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 worth billions of rupees on railway land using bank financing, and ordered a plan within two weeks identifying the land's commercial potential.
Faster Lending for Housing, Agriculture and SMEs
In a separate meeting, the PM directed authorities to improve the lending system for housing, agriculture and small and medium-sized enterprises (SMEs).
The SME portal should become operational by the end of November to help borrowers and allow direct monitoring of loans and letters of credit.
SMEDA was told to take effective measures to improve SME capacity.
The PM 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 reviewed the performance of the National Bank of Pakistan and First Women Bank in providing loans.
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