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Pakistan government fails to meet deadline for PSM revival plan

Steel News - Published on Thu, 10 Jan 2019

Image Source: Profit by Pakistan Today
The Express Tribune reported that Pakistan Steel Mills will remain closed for a few more months as the government could not prepare a revival plan within the two-month deadline, highlighting the challenges that the Pakistan Tehreek-e-Insaf government is facing to deliver on its election promise of reviving loss-making state-owned enterprises. The Ministry of Industries and Production on Tuesday informed the Economic Coordination Committee of the cabinet that the operationalization plan for the country’s largest but closed industrial unit could not be prepared by January 7 – the last date of the deadline.

A statement issued by the finance ministry said that “The committee directed that the plan of action should be prepared in a cohesive manner, taking on board the PSM board of directors/management and submitted for final approval as per the given timelines. Ministry of Industries and Production shared with the meeting progress on the plan of action currently being formulated by the specially constituted expert group, suggesting viable options to revitalise PSM.”

The previous Pakistan Muslim League-Nawaz (PML-N) government had closed the PSM nearly three years ago after it could not revive the sick unit despite injecting billions of rupees. The PTI believes that all the state-owned enterprises can be run efficiently by the professionals. Because of this notion, it has removed PSM from the active privatization list.

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Posted By : Joykumar Irom on Thu, 10 Jan 2019
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