Cabinet Committee on Privatization approves restructuring in PIACL
ISLAMABAD (92 News) – Prime Minister Shahid Khaqan Abbasi chaired a meeting of Cabinet Committee on Privatization (CCoP) at Prime Minister’s Office on Friday.
The meeting discussed issues related to Pakistan International Airlines Corporation Ltd. and Pakistan Steel Mills.
Minister for Privatization Mr. Daniyal Aziz gave a detailed presentation on various issues, including the financial challenges, faced by the two organizations and possible way forward for addressing those issues on permanent basis.
The prime minister, in his remarks, observed that past mismanagement and neglect of the two important organizations had not only resulted in creation of huge financial liability, on annual basis, for the government but also caused great difficulties for the employees of the organizations.
After a detailed presentation on the PIAC and the discussion that followed, the CCoP gave a go -head to the proposal for initiating restructuring process in PIACL. It was decided during the meeting to segregate core and non-core functions of the organization. The meeting discussed in detail various administrative, financial and employees related issues of Pakistan Steel Mills.
A proposal for PSMC entering into a ‘concession’ agreement with investors, on revenue sharing basis, also came under discussion. The prime minister directed that all options should be explored and a comprehensive plan should also be worked out for addressing employees related issues.