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Govt plans to bring independent BoDs for Pakistan Steel Mills, Printing Corp of Pakistan: Asad Umar

Govt plans to bring independent BoDs for Pakistan Steel Mills, Printing Corp of Pakistan: Asad Umar

ISLAMABAD: Federal Finance Minister Asad Umar has informed the parliamentarians that the Government of Pakistan plans to bring professional management and independent Boards of Directors to run Pakistan Steel Mill and Printing Corporation of Pakistan (PCP) on self-sustained basis. No bailout package has been approved during current fiscal year.

In a written reply query by Senator Javed Abbasi, he said the Government of Pakistan has been providing financial support to various entities like PIA, PSM etc. through difference modes like equity injection, commercial financing under GoP guarantee, issuance of cash credit limit and provision of loans to enable them meet their immediate financial and capital expenditure requirements.

The bailout packages are given to the under-performing and loss-making entities to help them achieve financial viability within specified timeline.

He told them during the last ten years, Government of Pakistan has provided Rs18,750 million to Pakistan Steel Mills and Rs712.5 million to Printing Corporation of Pakistan (PCP) as bailout package. No cross sector impact analysis has been undertaken to evaluate the impact of the bailout packages on the under-developed areas and communities.

However, the GoP is cognizant of the adverse implications of such financial support to these entities and intends to reduce and curtail their dependence on Government of Pakistan through restructuring and revitalization.