ECC directs to complete process PSM’s listing for privatization

ISLAMABAD, May 3 (APP):The Economic Coordination Committee of the Cabinet (ECC) on Friday directed the Ministry of Industries that due process should be completed for listing of the Pakistan Steels Mills (PSM) for privatization with a view to implement its revival plan based on private sector inputs and collaboration.

The ECC approved in this regard the recommendations of the expert groups constituted by the Industries and Production Division to work out an operationalisation plan for the PSM’s revival.

The meeting presided over by Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh, also partially approved adjustments in petroleum products as proposed by the Oil and Gas Regulatory Authority (OGRA).

However, it was decided to reduce the General Sales Tax (GST) on petrol by 5% to provide relief to the consumers. The reduction will entail a revenue loss of around Rs 5 billion to the government, according to a statement issued by Finance Ministry.

The ECC approved the proposal of Petroleum Division to allocate gas from Thal East, Bhambhra and Thal West fields to Sui Southern Gas Company Limited (SSGCL).

The Industries Division updated the ECC on Ramadan Relief Package and informed that Utility Stores across the country were being stocked to cater for the Ramadan shopping.

The committee also approved supplementary grants and technical supplementary grants for different ministries and divisions. It also approved payment of salaries to Khassadars of South Waziristan.