PM Imran to offer Pakistan Steel Mills to China

[HAIDER]

ISLAMABAD: Prime Minister Imran Khan has decided to hand over Pakistan Steel Mills (PSM) to China for its revival through government to government deal and exploring options to finance multi-billion-dollar railways Mainline (ML-1) during his upcoming visit of Beijing.

Pakistan’s top leadership will give assurances to the Chinese side that China Pakistan Economic Corridor (CPEC) would not slow down, but its next phase would be pursued with zeal and vigour despite passing through under the IMF programme.

According to his upcoming scheduled visit of China on October 7, the prime minister has decided to take up five issues for enhancing economic cooperation under CPEC. Pakistan will offer China to get Pakistan Steel Mills, finalise deal on modernisation of ML-1, financing of Bunji hydropower project, agriculture and social sectors-related projects in and outside the ambit of CPEC.

“Yes, the government will seek assistance for construction of Bunji dam,” top official sources told The News.

The Chinese side wants to see progress for establishment of CPEC Authority, which the government intends to go ahead with promulgation of presidential ordinance anytime around PM Imran's upcoming visit to China.

On the other side, parliamentarians have asked the government to avoid the path of promulgation of ordinance as it would undermine the Parliament. Now it is yet to be seen how the government finally decides to move ahead on CPEC Authority as the Chinese side does not want to make things related to CPEC controversial. Another ordinance is also on the cards where Gwadar Port will become enabled to deal transit trade. The Federal Board of Revenue (FBR) has agreed to grant taxation concessions to Gwadar Port and presidential ordinance will be issued anytime.

On the issue of cash-bleeding Pakistan Steel Mills, official sources said the premier was worried in the wake of continuous and uninterrupted losses on monthly as overall accumulated losses went up to Rs220 billion. The Privatisation Commission has sought application for financial adviser in order to explore options to revive Federal Board of Revenue and then run it on professional lines.

“The government is exploring different options including G2G deal with China as the government cannot absorb losses on consistent basis,” sources said, adding that the premier decided to handover Pakistan Steel Mills with full management control to revive to China.

Financing of ML-1 for modernisation of rail line from Peshawar to Karachi will be another agenda item of the premier during his upcoming visit as both the countries so far failed to finalise financing deal of this much-awaited project. “Pakistan is finding it quite hard to finalise loan deal when the country is running under the IMF programme,” said sources.

The premier will make a last-ditch effort to find a solution to this problem and both sides might explore options to construct this multi-billion dollars project on BOT basis, but Pakistan will have to give total management control of rail line to Chinese side.

For construction of Bunji dam, sources said, Pakistan would seek financial assistance from China to move ahead on this project on fast-track basis. The agriculture-related projects would also come under discussion. Social sector projects, especially scholarship for Pakistani students, would also be materialised.

Sources added that it was not known how the government wanted to move on the establishment of special economic zones (SEZs) as it was a critical area where Pakistan can attract Chinese companies for relocation and could become part of international supply chains for boosting up its exports in months and years ahead.

Originally published in The N[URL]https://www.thenews.com.pk/print/537248-pm-to-offer-psm-to-chinaews[/URL]

 

[Muhammad Zaid]

Better decision.

 

[Falcon26]

Sell PIA as well. The sooner the better.

 

[!eon]

This offer was haram in previous governments but because holly Niazi is doing this, it is now halal.

This holy niazi is actually more crap than any previous leader of Pakistan.

 

[shah_123]

Why not hand over Pakistan to China?

 

[blueazure]

WTF !

PSM can be easily turned around , not rocket science , many private steel makers in pakistan have offered to turn around PSM . even the russians have offered assistance


why not hand over the PM seat to china as well mr niazi , since you are not performing

 

[Greaves]

This offer was haram in previous governments but because holly Niazi is doing this, it is now halal.

This holy niazi is actually more crap than any previous leader of Pakistan.

 

[Jinn Baba]

Jab sab kuch china nay he karna hai, toh in chutiaya politicians ka kya faida? Just sell the governance to china as well!

 

[maximuswarrior]

This offer was haram in previous governments but because holly Niazi is doing this, it is now halal.

This holy niazi is actually more crap than any previous leader of Pakistan.

You are mistaken. It was also halal back then. It is just that godfather Nawazoo and Zardari were even incapable of choosing an appropriate party to manage our steel mill industry.

LOL look which RSS supporter gave you a like. That is a proud moment for you.

WTF !

PSM can be easily turned around , not rocket science , many private steel makers in pakistan have offered to turn around PSM . even the russians have offered assistance


why not hand over the PM seat to china as well mr niazi , since you are not performing

You can't bro. The bitter truth is that Pakistanis are at the moment incapable of running anything properly. You can't even get along in this thread and are filled with bias and hate. Just let the Chinese manage and bring structure to the steel industry. You just relax and continue hating the PTI government. That is your only task. Don't screw it up.

Why not hand over Pakistan to China?

We should. Especially since people like you screwed Pakistan for decades.

The Chinese would do a marvellous job. What would you do apart from corruption, infighting and waving PPP/PML-N flags?

Sell PIA as well. The sooner the better.

I am all for it. Preferably to a Chinese company. We need structure and organization. Root out corruption with an iron fist. The Chinese are the best in these areas.

When you are not good at something you give others the opportunity to do it for you. Plain and simple. We suck at managing. We should accept the dire reality.

Those that protest need to be hanged from a lamppost along with their RSS supporters.

Jab sab kuch china nay he karna hai, toh in chutiaya politicians ka kya faida? Just sell the governance to china as well!

If it was up to me I would have done this centuries ago. There is a reason why China is up there and we are down here.

Excellent decision by Imran Khan.

 

[shah_123]

We should. Especially since people like you screwed Pakistan for decades.

The Chinese would do a marvellous job. What would you do apart from corruption, infighting and waving PPP/PML-N flags?

I was neither a PM nor a general in any point of time in history of Pakistan, so how I screwed Pakistan?
Let's get this straight, it's the politicians and the Generals (plus ruling elite) which has screwed Pakistan --- Don't put the blame on common people.

 

[Yaseen1]

chinese are very good at reducing many unnecessary expenses ,I have experience of working in chinese company in Pakistan for few days,they not provide much tea,meal,transportation and other benefits to their employees like rest of companies and work on as much low expenses as possible

 

[maximuswarrior]

I was neither a PM nor a general in any point of time in history of Pakistan, so how I screwed Pakistan?
Let's get this straight, it's the politicians and the Generals (plus ruling elite) which has screwed Pakistan --- Don't put the blame on common people.

You the common man voted for Nawaz Sharif and Zardari. Not once but multiple times. I will blame you the common man for putting yourself in such a precarious situation.

Now like I said, when you suck at something let others do it for you. Admit your shortcomings and failures. Move on. What is it that you will do differently this time? You don't have the ability to run major state assets. Just let it go now. We have already seen the results since the past few decades with PIA and PSM. The whole country was plundered and destroyed by PPP and PML-N. You are only good at destroying things. Just let others rebuild and give it a rest.

 

[shah_123]

You the common man voted for Nawaz Sharif and Zardari. Not once but multiple times. I will blame you the common man for putting yourselves in such a precarious situation.

Now like I said, when you svck at something let others do it for you.

So innocent of you ---- Nawaz Sharif was put forwarded by our very own establishment, seems you have a weak memory?
All these elections are dramay bazi, the one who has to be installed will be installed, now it's Imran Khan's time ( this is the reality).--- one example, Awaam was with Fatimah Jinnah but the installers installed Ayub Khan.

Even if it's the common man, they vote based on promises by politicians, if they don't deliver, what's the checks and balances ---- Our judiciary, police, bureaucracy etc., all corrupts and.part of the rotten system, than we hear voices Awaam has chosen them so they must get five years.

And just to clarify, I don't vote for rotten system, my vote is sacred and this is not for kachra like sharif Zardari imran etc.,

 

[RAMPAGE]

Are there no Pakistani industrialists willing to take over the steel mill, overhaul and relaunch it, and repay the government over a period of say ten to fifteen years?

@niaz @messiach @Oscar

 

[Fireurimagination]

Privatization of state owned enterprises is great but instead of giving it away for throw away prizes. Both India and Pakistan should first turn them around, make them profitable and then privatize them for a handsome sum on their own terms.