The government of Pakistan is facing financial uncertainty. The Finance Minister is trying very hard to reduce costs and increase revenue, so to help reduce the budget deficit for next year. The government of Pakistan can save 25 billion rupees every year and also create extra revenue by privatising the Pakistan Steel Mills.
PSM was privatised by the Musharraf-led government in 2006, but the PSM workers union mafia blocked the sale in Sindh High Court and then the Supreme Court in its decision declared the privatisation as void. Since that time, the government of Pakistan has paid more than 25 billion every year to PSM, while PSM has only managed to increase their production to 17 percent for the past five years.
Ironically, the company that had bought PSM was a Saudi company called Al-Tuwairqi group. When the company was not given the PSM, they instead invested their money in creating another plant called the Tuwairqui Steel Mills Limited (TSML), which during this time achieved more than 85 percent production and has established a new steel mill in Pakistan. The TSML is currently supplying 20 percent of Pakistan’s steel requirement while the PSM is supplying zero percent.
Now that the appeal in Supreme Court for the case has been retracted by the privatisation commission, the government should make an extra effort to privatise or close down this white elephant to help save Pakistan.
– SHAHRYAR KHAN BASEER
Peshawar
the financial deficit has been deliberately multiplied by mr darcula,finance minister.first to enslace country to india,usa and find excuse to sell everything [pia,railways,psml etc ]in peanuts.the finiace minister has reputation of fudging and telling lies
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