ISLAMABAD: Pakistan and Russia signed Memorandum of Understanding on cooperation in railway sector on sidelines of 27th St. Petersburg International Economic Forum (SPIEF).

Memorandum of Understanding aims to explore opportunities for implementing railway upgrade projects and other initiatives within this crucial sector.According to press release issued by Ministry of Railways, agreement also establishes framework for potential future collaboration with relevant companies operating in this sector. Furthermore, it seeks to enhance and streamline international cargo transport.MoU was signed by Ambassador Muhammad Khalid Jamali from Pakistan side and Deputy Transport Minister D.S. Zverev from Russia side.Pakistan Railways is grappling with major financial setbacks totalling over Rs55 billion in last fiscal year (FY23). An audit conducted by Auditor General of Pakistan last year identified governance deficiencies, financial mismanagement and transparency issues as primary factors contributing to PR’s financial woes.