Published On: Mon, Jan 6th, 2014
Published in Category: Government

Govt assures IMF to appoint financial advisors in PIA, PR and PSM

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ISLAMABAD: Government has assured International Monetary Fund (IMF) that finance advisors would be appointed in Pakistan International Airlines (PIA), Pakistan Steel Mills (PSM) and Pakistan Railways (PR) till end of March 2014.

It is being said that these advisors would give recommendations for revival of these institutions and government would make key decisions regarding privatization of these institutes in light of recommendations being given by appointed advisors.

It has been said in agreement with IMF that 26 percent shares of PIA would be handed over to private investors till December 2014, though, efforts would remain continue to make PIA a beneficial department during this period.

Government has also assured that services of financial advisors and professional board would be hired till March 2014 to devise plan for restructuring of PSM and than government would think over its privatization.

Restructuring of PSM has also been assured in the agreement with IMF in order to weed out deficiency of material, heavy debts and excess of staff from the department.
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