Govt. approves fresh Rs. 2.9 billion bailout package for Steel Mills
The Economic Coordination Committee (ECC) of the Cabinet on Saturday approved a three-month bailout package of Rs2.9 billion for the Pakistan Steel Mills (PSM).
According to sources, Rs1.5 billion will be released in September, Rs700 million in October, while Rs700 million in November.
This will include two-month salary of the workers.
The meeting further decided that the Chairman Board of Investment and Ministry of Industries should come up with a proposal for long term solution of the problem in the next meeting.
It also decided against privatisation of Pakistan Steel Mills, reiterating that it will remain a public sector enterprise.
Express News correspondent Irshad Ansari reported that Steel Mills will be provided the money in three installments with the first one in the current month and the rest over the subsequent months.
The ECC further directed the Trading Corporation of Pakistan to purchase 100‚000 Metric Tonnes of sugar to maintain strategic reserves. Similarly the ECC was told that presently the wheat stock stood at 7.
043 metric tonnes compared to 6.750 metric tonnes in the corresponding period last year, Radio Pakistan reported.
The meeting approved Yamaha Motorcycle Industries to have qualified under the new entrant policy for Motorcycle Industry as an industry with new technology.
The decision will clear the way for a foreign direct investment of 150 million dollars.
