The Cabinet Committee on Privatisation, which met here at the PM Office on Friday with Prime Minister Shahid Khaqan Abbasi in chair, gave go-head to the proposal for initiating restructuring process in Pakistan International Airlines (PIA).

The go-ahead was given after a detailed presentation on PIA and the discussion that followed in the meeting which addressed issues related to PIA and Pakistan Steel Mills.

It was decided during the meeting to segregate core and non-core functions of the organisation.

Minister for Privatisation Daniyal Aziz gave a detailed presentation on various issues including the financial challenges faced by the two organisations and possible way forward for addressing those issues on permanent basis.

The prime minister in his remarks observed that past mismanagement and neglect of the two important organisations had not only resulted in creation of huge financial liability, on annual basis, for the government but also caused great difficulties for the employees of the organisations.

The meeting discussed in detail various administrative, financial and employees related issues of Pakistan Steel Mills. A proposal for the mills entering into a ‘concession’ agreement with investors, on revenue sharing basis, also came under discussion.

PM Abbasi directed that all options should be explored and a comprehensive plan should also be worked out for addressing the employees-related issues.