Pakistan Railways estimates Rs.53 bn deficit

By IANS,

Islamabad : Pakistan Railways has estimated that it will suffer a whopping Rs.53 billion deficit for the fiscal year 2011-12.

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National Assembly’s standing committee on railways chairperson Sardar Ayyaz Sadiq told reporters that Railways had prepared a deficit budget for 2011-12.

The earnings were estimated at just Rs.12 billion, reported Dawn.

Railways had wanted a Rs.53 billion bailout package last year, but the cabinet had granted Rs.13.6 billion, he said.

He added only Rs.2.8 billion had been provided by the government that was insufficient for operations.