PSM revival Govt’s priority: Soomro

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Staff Reporter

Islamabad

Federal Minister for Priva-tization, Mohammedmian Soomro, Tuesday, reiterated that revival of PSM is also one of the priorities of the government to minimize losses being borne out of public exchequer.
Chairing a meeting here, the Minister reviewed the progress on privatization program with special focus on some of the priority transactions and targets set for the Fiscal Year (FY) 2020-21. The meeting was also attended by Secretary Privatization Commission (PC) and other concerned officers to discuss the future Plan of action.
It was apprised to the minister that substantial progress was made to conclude the transactions including National Power Parks Management Company Limited, (NPPMCL) , SME Bank, Jinnah Convention Centre, Services Int’l Hotel (SIH) and sale of 28 properties within current FY but due to outbreak of COVID 19 the timelines had to be rescheduled.
A revised schedule had also been shared with PM office, the press release said.
It was apprised to the minister that despite lockdown situation transactional activities were continued through technological means and prequalified bidders for NPPMCL remained engaged and they were provided necessary information and assistance in completion of buyer side due diligence.
However, it was noticed that pandemic situation has changed the overall macroeconomic outlook of the global economies where Pakistan is not an exception and this has affected overall privatization program, press release said.
It is worth mentioning that the Transaction structure of Pakistan Steel Mills (PMC) is under consideration in the Privatization Commission and will be discussed in the meeting of Transaction Committee on Thursday 14th May 2020.