ECC seeks proposals on restructuring Steel Mills

Economic coordination committee forms five member committee to review hurdles in fertiliser production.


Web Desk March 21, 2014
Federal Minister for Finance, Revenue, Statistics, Economic Affairs and Privatization Senator Mohammad Ishaq Dar chaired the meeting. PHOTO: PID/FILE

ISLAMABAD: Reviewing performance of state owned enterprises, the Economic Coordination Committee (ECC) of the Cabinet on Friday discussed and approved a summary of Ministry of Industries and Production to release salaries for the months of December 2013 and January 2014 for Pakistan Steel Mills (PSM) employees, while seeking proposals for restructuring the enterprise.

Meeting under the chairmanship of finance minister Ishaq Dar, the ECC was informed that the exchequer will have to bear a brunt of Rs960 million for the two month salary payout to PSM.

The committee also approved the proposal of the revenue division for dismantling of unserviceable confiscated tempered vehicles. The body parts of these vehicles will be put up for auction. ECC also agreed to the proposal that all confiscated tempered vehicles of the make before 1990 shall be deemed to be fit for dismantling.

Meeting considered and approved a summary from ministry of petroleum and natural resources for reimbursement of crude transportation cost on high speed diesel (HSD) to PARCO from inland freight equalisation margin (IFEM) with the direction that OGRA will take into account this factor with effect from April 1, 2014.

Further, the ECC constituted a five-member committee which will be headed by the finance secretary and would include secretaries of the ministries of food security, industries and production, water and power, and petroleum to determine the factors which are hindering production of fertilisers.

This committee will present its report in the next ECC meeting to decide whether the government should undertake import of fertiliser or the demand could be met from local industries for ‘Kharif’ Season which will run from April to September 2014.

The ECC was informed that keeping in view the gap of demand and local production there is a need to import 0.1705 million tons of fertiliser by TCP. Further, the planning commission recommended that 0.2 million tons of urea fertiliser may be required for maintaining strategic reserves.

The meeting was attended by Minister for Science and Technology Zahid Hamid, Minister for Commerce Khurram Dastagir Khan, Minister for National Food Security Sikandar Hayat Bosan, Minister for Industries and Production Ghulam Murtaza Khan Jatoi, Minister for Textile Industry Abbas Khan Afridi, Chairman Privatisation Commission Muhammad Zubair, and several Federal Secretaries and senior officials.

COMMENTS (1)

LSE | 9 years ago | Reply

Just Sell it! SeEEeeLLLLL IT!!!!

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