Ishaq Dar first provided bailout package for Pakistan Steel Mill (PSM) through the ECC. Now he is planning on paying more than Rs 480 million, through a special five member committee, that he has constituted. This is the same Ishaq Dar who had requested help the public to help save Pakistan 500 Million per annum to balance his budget. The PSM has outstanding liabilities of Rs. 114 billion and eats up more than Rs. 500 million every year, on account of salaries. Despite this, the company workers have failed to do any repair or maintenance of its machinery for the past 6 years. The company is already overstaffed and its employees have very high salaries and many perks and privileges.
If the Government of Pakistan is finding it difficult to sell PSM through privatisation, or to even reduce staff through downsizing, than the best solution would be to declare the company bankrupt and close it down. It is not producing any products or providing any benefit to the country. By closing it down, the country will save more than Rs. 500 million. The assets of the company can be sold out to repay its liabilities or the entire company can be easily privatised once the corrupt staff has been fired. Ishaq Dar claims to be a world renowned economist, who charges millions in fee for smart plans to other countries, then why does he come up with plans that only cost the country more?
ENGR. SHAHRYAR KHAN BASEER,
Peshawar, April 25.