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CEO PSM felicitates caretaker govt on giving 11billion bailout package to PSM

May 10, 2014

CEO PSM Maj. General (Retd) Muhammad Javaid HI (M), while addressing a vast gathering of officers and workers of PSM felicitated caretaker PM Justice (R) Mir Hazar Khan Khoso, Caretaker Federal Minister of I and P Shahzada Ahsan Ashraf Shaikh, Advisor to PM on Finance Dr Amjad, Federal Secretary Production Shahid ullah Baig, Federal Secretary Finance Dr Waqar Maqsood, DG Debt. Ministry of Finance Masroor Qureshi, National Bank of Pakistan (NBP) and other concerned officers for taking this courageous step of giving 11 Billion Bailout Package to PSM. The CEO further ensured all the stake holders that now it is the duty of him and all staff of PSM to take PSM from the ebb to apex. The CEO supported the thought of PM and all the above mentioned dignitaries that PSM is a national asset and has a pivotal role in national economy.

The CEO further stated that, It is a bold step on behalf of the caretaker government which has decided to provide guarantee to scheduled banks for raising Rs 11 Billion for PSM to meet its working capital requirement, after receiving a proposal to bailout steel mills from its current financial and operational difficulties. These measures have been taken for the revival and rehabilitation of PSM.

The CEO further appraised the gathering that standard operating procedures (SOP) will be introduced for the operation of the escrow account to ensure that salaries and pension of the employees of PSM are not affected. The only purpose for the opening of this account is to move PSM towards the path of revival and use the amount for the purchase of raw material which is the dire need of the corporation.

Moreover, the CEO stated that the recent Bailout Package of Rs. 11 Billion given through a single tranche in a shape of soft loan is being provided by NBP under guarantee of the federal government. He thanked the officers / workers that despite hardships and difficulties by the grace of God we have attained 25% CAPU today and with the help of this bailout package by the end of August this year, PS will attain 60% CAPU and subsequently by the end of this year PS will attain 80% CAPU.

Last, but not the least CEO Maj. General (Retd) Muhammad Javaid H.I. (M), thanked all his team including officers / workers and said that without their help and selfless support this recent Bailout package would not have been possible. Inshallah we will achieve this target because we are the people of Allah and his prophet Hazrat Muhammad Mustafa (PBUH), has taught us how to cope with this crises like situation.

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Source: Daily Messenger (Pakistan)

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