ECC approves Rs 8.6bn bail-out package for Pakistan Steel

[IZVINITE]

ISLAMABAD: Economic Coordination committee (ECC) on Tuesday approved for 8.6 billion rupees bail-out package for Pakistan Steel Mills (PSM), DawnNews reported.

The ECC meeting, headed by Finance Minister Abdul Hafeez Sheikh, was held in Islamabad.

According to the package, the repayment schedule of 5 billion and 120 million rupees debts of the PSM would be rescheduled while the interest on the debts would be paid by the federal government.

The government has also raised the credit ceiling for the PSM to three billion rupees.

http://dawn.com/2012/07/24/ecc-approves-rs-8-6bn-bail-out-package-for-pakistan-steel/

 

[Cherokee]

First Railways being Bailed out , Now Steel Mills . I guess By the time Zardari and Co . Leave office almost every Pubic company will be debt ridden running on Government Money .

 

[INDIC]

First Railways being Bailed out , Now Steel Mills . I guess By the time Zardari and Co . Leave office almost every Pubic company will be debt ridden running on Government Money .

The money is for paying salary to the employees.

 

[Jango]

Bail-outs will do nothing.

If there is a leak in the tank, then no matter how much water you put in the tank, it is always going to get empty unless you fix the leak. Same here.

Change the administration, the working environment, the ethics, and try to get in competent people to run the PSM.

 

[AZADPAKISTAN2009]

Its done so the employees will vote for PPP next election

 

[Hyde]

Bail-out package seems logical for those companies/industries/country where you have a hope to recovery. This is gradually become a dead-horse and needs to be buried or completely overhauled if there is any hope for profit from this company in future.

Bailing out every now and than will only make burden in the country's economy - it needs to be reformed and possibly privatized

 

[Stumper]

Bail-out package seems logical for those companies/industries/country where you have a hope to recovery. This is gradually become a dead-horse and needs to be buried or completely overhauled if there is any hope for profit from this company in future.

Bailing out every now and than will only make burden in the country's economy - it needs to be reformed and possibly privatized

Im surprised actually ... Should'nt the parliament decide this? ... I mean, i see GoP taking parliaments opinion in almost every matter ... why not let the Parliament decide on this too? .

You will be surprised to know , GoI in all its wisdom dis-invested from Maruti (Auto Manufacturing) and VSNL (Telco) two money making entities. While we still retained Airlines and other loss making entities.

God save us from this policymakers!!!

 

[Yogi]

whats the annual production capacity of PSM???

 

[Hyde]

Im surprised actually ... Should'nt the parliament decide this? ... I mean, i see GoP taking parliaments opinion in almost every matter ... why not let the Parliament decide on this too? .

You will be surprised to know , GoI in all its wisdom dis-invested from Maruti (Auto Manufacturing) and VSNL (Telco) two money making entities. While we still retained Airlines and other loss making entities.

God save us from this policymakers!!!

and who else but the parliament is deciding this matter?

ECC committee is headed by a Finance Minister of Pakistan who happens to be the member of the parliament and working under the mandate given by the parliament

 

[Archie]

Privatization is a better idea

Like somebody said , you need to plug the leak , not pour more water in the tank

 

[Stumper]

and who else but the parliament is deciding this matter?

ECC committee is headed by a Finance Minister of Pakistan who happens to be the member of the parliament and working under the mandate given by the parliament

My Bad!!! ... I thought its GoP decision without consulting the parliament.

Privatization is a better idea

Like somebody said , you need to plug the leak , not pour more water in the tank

We disinvest from a few... and then ?....privatize Trains, Airlines, Police ?.. why not privatize Parliament?

Lots of leaks to plug , mate. Have a look at every corner of our society. We have stopped caring for others. We have rotten.... thats the only fix we need to plug first!