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MoF pays Rs 1.5 billion to PSM

  • The Ministry of Finance has released Rs 1.5 billion to Pakistan Steel Mills (PSM) for payment of salaries and procurement of raw material, it is learnt. Presently, PSM is facing a serious financial crisis and salaries of employees have not been paid for last three months. Moreover, stocks of coal have almost ended and production reduced to 10 percent only. 

    The Economic Co-ordination Committee (ECC) of the Cabinet in its last meeting approved some Rs 3 billion for payment of salaries, however in the first phase some Rs 1.5 billion have been released to PSM. 

    According to sources this amount will be used for payment of two months” salaries and procurement of raw material. Some Rs 800 million will be spent on salaries and Rs 700 million on procurement of coal. Sources said Pakistan Steel urgently needs coal to continue its operations as coke oven batteries have already been shifted to heat due to coal shortage. A spokesman has confirmed that PSM has received Rs 1.5 billion from the federal government. 

    Copyright Business Recorder, 2013

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