Pakistan Steel to be included in privatisation list next week

[CrazyZ]

Pakistan Steel to be included in privatisation list next week
Amin AhmedUpdated June 18, 2019

The CCOP is the only forum which can enlist public sector entities on the privatisation agenda. — Reuters/File

ISLAMABAD: Though the government has decided in principle to sell-off Pakistan Steel Mills (PSM), the Cabinet Committee on Privatisation (CCOP) at its meeting on Monday could not decide on enlisting the PSM on the privatisation agenda since the Ministry of Industries and Production (MoIP) failed to submit its proposal, informed sources told Dawn.

Last month, the Economic Coordination Committee (ECC) of the cabinet had approved the proposal to privatise PSM which was subsequently endorsed by the Federal Cabinet.

The CCOP is the only forum which can enlist public sector entities on the privatisation agenda.

According to sources privy to the information, the Privatisation Commission is likely to include PSM on the privatisation agenda once CCOP grants approval to the proposal. The commission is fully prepared to implement the decision, the sources added.

At Monday’s meeting, chaired by Adviser to Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh, CCOP directed the MoIP to submit the proposal on PSM at its next meeting scheduled for next week.

The issue of delisting of House Building Finance Corporation Ltd (HBFC) from the privatisation agenda was also recommended to be presented in the next meeting.

The previous finance secretary had recommended the CCOP to delist HBFC from the agenda since the corporation was performing well. The current finance secretary sought time from the CCOP to review the case, and said the proposal will be submitted at the next meeting.

While presenting the report of the Task Force on Energy Reforms, Ministry of Energy briefed the committee about the challenges being faced by the distribution companies (DISCOs).

The meeting also discussed various measures recommended by the task force to improve energy sector’s performance with a focus on reduction of losses and enhancing the efficiency of DISCOs.

The CCOP also directed the Ministry of Energy officials to submit proposals aimed at accelerating closure of those power generation companies that have outlived their recommended life and incurring losses.

Published in Dawn, June 18th, 2019

https://www.dawn.com/news/1488884/pakistan-steel-to-be-included-in-privatisation-list-next-week

 

[Khanate]

Good riddance.

 

[BHarwana]

This is sad news.

 

[Nilgiri]

This is sad news.

Very bad, very sad?

 

[Pakistansdefender]

It is worst decision and unIslamic .I think when rupee is devalued govt will sell it at cheap cost and in Islam govt is not allowed to privatize national assets .Govt should focus on making it profitable and it will be more benificial in long run as whole of profit earned will go in govt treasury by steel mill but when it is privatized only small percent of profit will go in govt treasury in the form of taxes and there is high chance of tax evasion when it is privatized

Where has Islam come in this ?
A loss making enterprise which is burden in people, from Islamic point of view or must be sold and not to pass it Burden on poor people .
Yar don't try to fit everything through the lense of your version of Islam or don't try to fit Islam into narrow scope.

For is not going to sell it . They are going to privitize it where half shares are owned by government whereas running and operation is owned by Russians.

Where has Islam come in this ?
A loss making enterprise which is burden in people, from Islamic point of view or must be sold and not to pass it Burden on poor people .
Yar don't try to fit everything through the lense of your version of Islam or don't try to fit Islam into narrow scope.

For is not going to sell it . They are going to privitize it where half shares are owned by government whereas running and operation is owned by Russians.

May be it would not add that much into the treasury and only very big sum of tax. But atleast it would provide jobs to millions and Russians also want to expand it.
It is not government job to do business.
Government job is to govern and facilitate not run businesses .

 

[Yaseen1]

Where has Islam come in this ?
A loss making enterprise which is burden in people, from Islamic point of view or must be sold and not to pass it Burden on poor people .
Yar don't try to fit everything through the lense of your version of Islam or don't try to fit Islam into narrow scope.


For is not going to sell it . They are going to privitize it where half shares are owned by government whereas running and operation is owned by Russians.


May be it would not add that much into the treasury and only very big sum of tax. But atleast it would provide jobs to millions and Russians also want to expand it.
It is not government job to do business.
Government job is to govern and facilitate not run businesses .

I meant that govt should continue to control it and management to russians can be given by govt for management fees like other companies do but majority shares or control should be by govt and under current situation if its shares are sold govt will get less money for this as it is under loss and rupee is devalued
Govt should promote sale of pakistan steel products by giving tax incentives to those businesses or customers who buy Pakistan steel products

 

[Syed1.]

Where has Islam come in this ?
A loss making enterprise which is burden in people, from Islamic point of view or must be sold and not to pass it Burden on poor people .
Yar don't try to fit everything through the lense of your version of Islam or don't try to fit Islam into narrow scope.

For is not going to sell it . They are going to privitize it where half shares are owned by government whereas running and operation is owned by Russians.


May be it would not add that much into the treasury and only very big sum of tax. But atleast it would provide jobs to millions and Russians also want to expand it.
It is not government job to do business.
Government job is to govern and facilitate not run businesses .

Bhai yeh mullah hai... Inn ka kaam dhandha hi Islam baichnay se chalta hai

 

[Asimzranger]

It is worst decision and unIslamic .I think when rupee is devalued govt will sell it at cheap cost and in Islam govt is not allowed to privatize national assets .Govt should focus on making it profitable and it will be more benificial in long run as whole of profit earned will go in govt treasury by steel mill but when it is privatized only small percent of profit will go in govt treasury in the form of taxes and there is high chance of tax evasion when it is privatized

In Islam any land which is not used in 2 years is use to auction out so other brother start farming on that land. We should sell half its share to kick start it but govt are incompetent.

 

[Pakistansdefender]

I meant that govt should continue to control it and management to russians can be given by govt for management fees like other companies do but majority shares or control should be by govt and under current situation if its shares are sold govt will get less money for this as it is under loss and rupee is devalued
Govt should promote sale of pakistan steel products by giving tax incentives to those businesses or customers who buy Pakistan steel products

Yar please expect those things that are possible form the government. And not the things that's are not possible.

It is no longer musharaf era, where money was flowing in from us and our economy stabilized. Imf has no conditions etc and he operated this mills successful.
And democracy destroyed it .
Last 10 years have shown that the government who said they won't privitize it, is not able to run it such as ppp and the government that said they would privitize it , despite having 2/3 majority cannot privitize it , such as pmln .
There is a huge political cost involved in these type of matters that's why governments don't take these decisions despite full mendate.
Atleast they are trying to do it .
Now the factory is closed and millions of people take the salaries .
It is very big mill in 60s and still it is quite big but not something of national importance .. Not only would it generate revenue for government but also provide jobs and meet the steel demand for the country and price of steel would decrease as its production increase.

 

[Syed1.]

This is excellent news.... a government can never run an industrial complex. It needs a private owner who will do anything and everything to run a profitable business since it'll be their own money on the line. Should have been privatized decades back.

 

[Adam_Khan]

Should have been privatised more than a decade ago,thanks to CJ Iftikhar Choudhry it has suffered even more losses.

 

[Yaseen1]

Yar please expect those things that are possible form the government. And not the things that's are not possible.

It is no longer musharaf era, where money was flowing in from us and our economy stabilized. Imf has no conditions etc and he operated this mills successful.
And democracy destroyed it .
Last 10 years have shown that the government who said they won't privitize it, is not able to run it such as ppp and the government that said they would privitize it , despite having 2/3 majority cannot privitize it , such as pmln .
There is a huge political cost involved in these type of matters that's why governments don't take these decisions despite full mendate.
Atleast they are trying to do it .
Now the factory is closed and millions of people take the salaries .
It is very big mill in 60s and still it is quite big but not something of national importance .. Not only would it generate revenue for government but also provide jobs and meet the steel demand for the country and price of steel would decrease as its production increase.

I think instead of selling its shares at low price govt should subject it to operating lease

 

[HammerHead081]

unIslamic

Lmao this guy.

It is worst decision and unIslamic .I think when rupee is devalued govt will sell it at cheap cost and in Islam govt is not allowed to privatize national assets .Govt should focus on making it profitable and it will be more benificial in long run as whole of profit earned will go in govt treasury by steel mill but when it is privatized only small percent of profit will go in govt treasury in the form of taxes and there is high chance of tax evasion when it is privatized

Stop pushing religion in your discussion to support your agenda. Mods shouldn't allow this shit to happen atleast here.

 

[That Guy]

It is worst decision and unIslamic .I think when rupee is devalued govt will sell it at cheap cost and in Islam govt is not allowed to privatize national assets .Govt should focus on making it profitable and it will be more benificial in long run as whole of profit earned will go in govt treasury by steel mill but when it is privatized only small percent of profit will go in govt treasury in the form of taxes and there is high chance of tax evasion when it is privatized

Please give a source on this. Or, please give me an actual expert on Islamic economics talking about this.

 

[Mahmood-ur-Rehman]

Pakistan Steel to be included in privatisation list next week
Amin AhmedUpdated June 18, 2019

The CCOP is the only forum which can enlist public sector entities on the privatisation agenda. — Reuters/File

ISLAMABAD: Though the government has decided in principle to sell-off Pakistan Steel Mills (PSM), the Cabinet Committee on Privatisation (CCOP) at its meeting on Monday could not decide on enlisting the PSM on the privatisation agenda since the Ministry of Industries and Production (MoIP) failed to submit its proposal, informed sources told Dawn.

Last month, the Economic Coordination Committee (ECC) of the cabinet had approved the proposal to privatise PSM which was subsequently endorsed by the Federal Cabinet.

The CCOP is the only forum which can enlist public sector entities on the privatisation agenda.

According to sources privy to the information, the Privatisation Commission is likely to include PSM on the privatisation agenda once CCOP grants approval to the proposal. The commission is fully prepared to implement the decision, the sources added.

At Monday’s meeting, chaired by Adviser to Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh, CCOP directed the MoIP to submit the proposal on PSM at its next meeting scheduled for next week.

The issue of delisting of House Building Finance Corporation Ltd (HBFC) from the privatisation agenda was also recommended to be presented in the next meeting.

The previous finance secretary had recommended the CCOP to delist HBFC from the agenda since the corporation was performing well. The current finance secretary sought time from the CCOP to review the case, and said the proposal will be submitted at the next meeting.

While presenting the report of the Task Force on Energy Reforms, Ministry of Energy briefed the committee about the challenges being faced by the distribution companies (DISCOs).

The meeting also discussed various measures recommended by the task force to improve energy sector’s performance with a focus on reduction of losses and enhancing the efficiency of DISCOs.

The CCOP also directed the Ministry of Energy officials to submit proposals aimed at accelerating closure of those power generation companies that have outlived their recommended life and incurring losses.

Published in Dawn, June 18th, 2019

https://www.dawn.com/news/1488884/pakistan-steel-to-be-included-in-privatisation-list-next-week

After wasting hundreds of billions of tax payers money why not privatized 12 year back