Pakistan, Russia Sign Railway Upgrade Deal

News Desk3 days ago

The objective of the Memorandum of Understanding is to investigate potential avenues for carrying out railway enhancement projects and other undertakings in this essential industry.

A news statement from the Ministry of Railways states that the agreement also creates a foundation for possible future cooperation with pertinent businesses engaged in this industry.

Read more: Russia Takes Village in Ukraine Donetsk

It also aims to improve and simplify international cargo transportation.
Deputy Transport Minister D.S. Zverev of Russia and Ambassador Muhammad Khalid Jamali of Pakistan signed the Memorandum of Understanding.

It is important to note that Pakistan Railways (PR) experienced significant financial losses in the most recent fiscal year (FY23) of over Rs55 billion.

The main causes of PR’s financial difficulties, according to an audit done by the Auditor General of Pakistan (AGP) last year, were challenges with transparency, financial mismanagement, and governance.

The audit revealed more governance shortcomings than concerns about risk management and controls, namely in the management and administration of Public Sector Development Programme (PSDP) projects.

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