PM constitutes committee for PSM financial bailout

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PM constitutes committee for PSM financial bailout

ISLAMABAD - Prime Minister Mir Hazar Khan Khoso has constituted a three members committee comprising secretaries Ministries of Finance, Production and Chief Executive Officer of the Pakistan Steel Mills to give concrete and practical recommendations to overcome Pakistan Steel Mills present financial woes.

He was presiding over a high level meeting to review the overall performance of PSM, its issues and challenges, at the PMs House. The meeting was attended by Federal Minister for Production Shahzada Ahsan Ashraf Sheikh, representatives of Ministries of Finance, Planning and Production and management of PSM.

In his briefing, Shahid Ullah Baig, Secretary Ministry of Production, apprised the Prime Minister of history, issues and performance of PSM. Khoso was told that basic cause of the losses incurred by PSM was its inability to utilize its capacity and that Steel Mills would break even only if its production was 75 per cent of the total capacity.

He was also told that four bailout packages were given to PSM but they could not impact on its performance as the financial commitments made, were released in piecemeal. Prime Minister said that PSM is a strategic asset and that it should be managed in a manner that the losses can be reduced.

Meanwhile, Prime Minister Mir Hazar Khan Khoso has said that road network is very crucial not only in connecting different parts of the country but for sustained economic growth. He expressed these views in a meeting with Federal Minister for Communication and Ports and Shipping, Asadullah Khan Mandokhel who called on him at the PMs House.

Khoso urged the Ministry of Communication to vigorously pursue communication projects so that economic activity can be accelerated. He directed that the Ministry of Communications should prioritise work on early completion of inter-provincial highways. He said that quality of work must be maintained at par with international standards.

The Minister apprised the Prime Minister about the status of ongoing projects being carried out by his Ministry. The Ministry and its attached departments are focusing on proper planning of projects for their smooth implementation, he added.

Courtesy: Nation

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