Revival of PSMC to be great boost for economy: Soomro

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Mohammad Arshad
Islamabad

Federal Minister Mohammedmian Soomro, Wednesday, stressed on revival of PSMC which would be a great boost for the economy.

While chairing a meeting review and discuss the progress so far made at the privatisation of PSEs here, the Minister expressed his serious concerns regarding the delay in resolving the pending issues regarding PSM and directed those to be taken up with Ministry of Industries.

Federal Minister was apprised about the status of various entities and issues thereof, to which he said that all the matters relating to the line ministries be taken up on priority.

It was emphasized that all transactions should be completed with the given legal framework.

The decision regarding the divestment of the shares of OGDCL and PPL would be finalized after the meeting of Cabinet Committee on Privatisation, (CCoP).

A meeting to review and discuss the progress so far made at the privatisation of PSEs was held today in Islamabad.

The meeting was chaired by the Federal Minister Mohammedmian Soomro attended by Federal Secretary and other senior officers of the Ministry.

The purpose of the weekly meeting is to identify the bottlenecks in each transaction at every stage and there has been a considerable progress in 18 identified entities.

The recent pandemic situation, is affecting the investors’ interest and timely closure of the transactions.

NPPMCL for instance is, one of the major transactions which were scheduled to be completed during current fiscal year is impacted by covid-19, and the pandemic situation is also hampering the visit from foreign investors interested in these entities.

The timeline for other transactions including SME Bank, First Women Bank Limited, Jinnah Convention Center, House Building Finance Corporation Limited, and Services International Hotel have also been extended further owing to the pandemic and resultant market conditions.

However, despite pandemic restrictions the other matters regarding the transactions are been meticulously taken up with line ministries and divisions, and most of the transactions have been at the advanced stages of completion.