News
Saturday, April 13, 2013
PM constitutes committee for PSM financial bailoutISLAMABAD: Prime Minister Justice (retd) Mir Hazar Khan Khoso has constituted a three-member committee comprising secretaries of Ministries of Finance and Production and chief executive officer of the Pakistan Steel Mills (PSM) to give concrete and practical recommendations to overcome PSM existing financial woes.
The Prime Minister was presiding over a high level meeting to review the overall performance of PSM, its issues and challenges, at the PM’s House on Friday.
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, Secretary Ministry of Production Shahid Ullah Baig, apprised the Prime Minister of history, issues and performance of PSM. The prime minister 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% of the total capacity.
The premier 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.
Khoso said that PSM was a strategic asset and that it should be managed in a manner that the losses could be reduced. INP
PM directs early completion of inter-provincial highways: Prime Minister Justice (retd) Mir Hazar Khan Khoso on Friday directed the Ministry of Communication to prioritize work on early completion of inter-provincial highways.
The premier issued these directives in a meeting with Federal Minister for Communication and Ports and Shipping Asadullah Khan Mandokhel who called on him at the PM House.
He said the road network was very crucial not only in connecting different parts of the country but for sustained economic growth.
The prime minister urged the Ministry of Communication to vigorously pursue communication projects so that economic activity could be accelerated. He
Khoso said quality of work must be maintained at par with international standards. The minister apprised the PM of the status of ongoing projects being carried out by his Ministry. He said the ministry and its attached departments were focusing on proper planning of projects for their smooth implementation. inpCourtesy www.dailytimes.com.pk