Pakistan Railways plans to lease out more land to bridge losses
The govt issued more than Rs 136 billion funds during last three years to boost Pakistan Railways.
ISLAMABAD (Dunya News) – Pakistan Railways has decided to lease out acres of land owned by Pakistan Railways to tackle the financial crisis.
According to Ministry of Finance, Rs 136.35 billion funds was issued to Pakistan Railways as bailout package during last three years but the department could not make any big progress.
The main reason behind the present condition of Pakistan Railways is old infrastructure, decrease in business and mismanagement.
According to official documents, Rs 21.62 billion funds were released to Pakistan Railways during current year while Rs 33.50 billion were allocated for Pakistan Railway in the current budget.
The documents further show that a package of Rs 18.43 billion was released to Pakistan Railways in Budget 2009-10, Rs 32.46 billion was allocated in Budget 2010-11, Rs 30.46 was issued in 2011-12 and Pakistan Railways received Rs 33.36 billion as financial package in 2013-14.
According to the sources, Pakistan Railways has decided to lease out its land to control financial crisis. The sources added that the duration of the lease would be 30 to 35 years that could be extended later.
