Govt Working For Revival Of PSM: Minister

Federal Minister for Privatisation, Mohammedmian Soomro on Wednesday said government was earnestly working for the revival of Pakistan Steel Mills (PSMC) through induction of capital and technology, thus bringing the entity to operate at its full production capacity

ISLAMABAD, (UrduPoint / Pakistan Point News - 23rd Dec, 2020 ):Federal Minister for Privatisation, Mohammedmian Soomro on Wednesday said government was earnestly working for the revival of Pakistan Steel Mills (PSMC) through induction of capital and technology, thus bringing the entity to operate at its full production capacity.

The Minister made these remarks while chairing a privatization progress review meeting in the Ministry today, said a press release.

The minister was also briefed about the matters relating to Pakistan Steel Mills Corporation (PSMC) and was informed that the transaction structure which was approved by PC Board is being presented to Cabinet Committee on Privatisation (CCOP) before its final approval from the Cabinet.

Federal Secretary Privatisation and other senior officials of the ministry and Privatisation Commission attended the meeting.

Federal Minister was briefed about the progress regarding various Public Sector Enterprises (PSEs) to be privatized in the current fiscal year, and which have also been made part of the Performance Agreement of the Division.

The minister stated that privatisation was a major part of current government's economic reforms agenda and urged all concerned to expedite the resolution of issues which might hinder the timely completion of these transactions.

He informed the participants that the focus through privatisation was multi-pronged; it was not only profit-incentive but also to bring more efficiency in various public sector entities, and create employment, debt reduction and poverty alleviation.

The entities that were discussed in the meeting were included in the active privatisation list, and most of them are at advanced stages of privatisation.

These entities included Services International Hotel, SME Bank, House Building Finance Corporation , Convention Center and NPPMCL.

The minister urged the officials to make all out efforts to resolve the related issues so the targets could be achieved in stipulated time and also in an efficient and effective manner.