Cabinet Committee on Privatisation approves proposal for restructuring PIA

 
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ISLAMABAD Feb 17 (TNS): A meeting of Cabinet Committee on Privatization was held with Prime Minister Shahid Khaqan Abbasi in the chair in Islamabad.

The meeting discussed issues relating to Pakistan International Airlines Corporation Ltd and Pakistan Steel Mills.

Minister for Privatization 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 said that past mismanagement and neglect of the two important organizations had not only resulted in creation of huge financial liability for the government, but also caused great difficulties for the employees of the two organizations.

The CCoP gave go-head to the proposal of initiating restructuring process in PIACL. It was decided 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 issue of PSMC.