The government is planning to launch an entity titled ‘Mainline-1 Authority’. The aim of it is to implement the $6.8bn China-funded Karachi to Peshawar rail track smoothly. Also, it will offer Pakistan International Airlines (PIA) voluntary separation scheme (VSS).
Dr Ishrat Husain, the prime minister’s adviser on austerity and institutional reforms said that this is an important step for restructuring and strengthening of essential institutions.
The upgradation and improvement of 1,733km Mainline-1 (ML-1) will be approved by the Executive Committee of the National Economic Council (Ecnec) led by prime minister’s adviser on finance and revenue Dr Abdul Hafeez Shaikh. It is expected that once the project completes it will double the passenger and cargo trains speed to 160km and 140km per hour.
The restructuring plan of Pakistan Railways has been approved by the Prime Minister under which the Railway Holding Company will be developed on the pattern of Pakistan Electric Power Company as umbrella organization.
Another a separate authority, ML-1 Authority will be established. It will focus on coordinating with the Chinese side. Within four months this restructuring phase would be done. After, China-Pakistan Economic Corridor Authority (CPEC-A) is created, this would be the second independent authority that would deal with the Chinese investments.
Similarly, the selection process for new chief executive officer of Pakistan Railways has begun and it will be completed within 4 months.