Railways faces over Rs 12bn deficit in first 5 months of FY 2014-15

Source:  www.dailytimes.com.pk

ISLAMABAD: Pakistan Railways has confronted Rs12.679 billion deficit in the first five months of current fiscal year 2014-15 while last year the department confronted Rs31.356 billion deficit, official documents available with Daily Times revealed.

The Rs12.679 billion deficit was incurred from July to November 2014. Though the government has taken various measures to make Pakistan Railways a profitable organisation but the corruption and mismanagement during last several years been so big that it could not be overcome so quickly. Officials in the Railways Ministry claimed that it would take some time to put the department on the right path along with smooth supply of financial resources to overcome the shortcoming.

The current government has increased freight trains to earn more revenue and tariff is being regularly revised to increase clientele. Availability of locomotives, through repair, in freight pool has been increased up to 50 locomotives on daily basis, which has made it possible to start more than six freight trains daily from Karachi Port. This has increased the Cumulative Earning and Pakistan Railways is set to surpass revenue target of Rs28 billion fixed by the government for current year. More info

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