Cabinet Committee finalises recommendations to restructure PSM


ISLAMABAD – The Cabinet Committee on Restructuring (CCOR) on Thursday finalised recommendations for the restructuring of the Board of Directors for the loss making Pakistan Steel Mills, Pakistan Railways and National Transmission and Distribution Companies.
The recommendations of CCoR will be submitted for consideration of the federal cabinet before their final approval. Finance Minister Dr Abdul Hafeez Shaikh chaired the CCOR meeting, which was attended by ministers for power, railways, law, industries, and Planning Commission deputy chairman besides senior officials.
It was also decided that the CCOR meeting would be held regularly on weekly basis to know the ongoing work and development. The meeting finalised proposals of the concerned ministries for the restructuring of these loss-making institutions. The proposals emphasised for the inclusion of more representatives from the private sector.
The new Board of Directors would be given administrative and financial autonomy to formulate policy of their respective enterprises for making them financially and technically viable and self-sustaining.