Key Takeaways
- Prime Minister Shehbaz Sharif has directed the use of railway land for commercial purposes.
- The move aims to fund the upgradation of Main Line-1 and make Pakistan Railways financially self-sufficient.
- The government seeks to introduce corporate-style reforms to strengthen the railway system.
Prime Minister Shehbaz Sharif has given the green light to the commercial use of railway land to fund the upgradation of Main Line-1 (ML-1), as part of efforts to make Pakistan Railways financially self-sufficient.
During a meeting on railway reforms, the prime minister emphasized the need for faster progress on ML-1 and the introduction of corporate-style reforms to bolster the railway system’s financial position.
Shehbaz directed authorities to develop ML-1 on a commercial basis, utilizing railway land worth billions of rupees that has been encroached upon, highlighting the importance of recovering this land for the project’s success.
The prime minister also praised the National Accountability Bureau and the Ministry of Railways for their joint efforts in identifying and recovering encroached land, underscoring the collaborative approach to the project.
In a separate meeting on access to finance, the prime minister directed authorities to remove obstacles preventing the flow of financing to housing, agriculture, and small and medium enterprises (SMEs).
He called for a more effective lending system and asked the Small and Medium Enterprises Development Authority (SMEDA) to take steps to strengthen the capacity of SMEs, indicating a broader economic reform agenda.
The meeting also reviewed the National Bank of Pakistan’s lending performance, with Shehbaz welcoming the bank’s 76 percent loan approval rate for housing finance.
He urged other provinces to digitize their land records on the Punjab model to make it easier for banks to provide housing loans, emphasizing the importance of digitalization in the financial sector.
The prime minister’s directives reflect a comprehensive approach to economic and railway reforms, aiming to improve Pakistan’s infrastructure and financial stability.
