Pakistan’s Self Proclaimed Master of Finance Set Out to Destroy PSM!

  • Pakistan’s Self Proclaimed Master of Finance Set Out to Destroy PSM!

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    On 1st December Ishaq Dar ordered the Pakistan Steel Mills to settle its debts to the state owned banks as well as foreign creditors. In a drive to privatize National institutions, Pakistan Steel Mills has been finalized to be privatized and investors from China have shown interest to bid when its privatization process starts. Moonis Elahi pointed out that PSM has been reporting losses since a decade and neither the Zardari nor PMLN government could assign talented people to take its charge and bring it out of the mess it has fallen due to corruption. The workers have been staging protests as their salaries haven’t been transferred since months.

    In a meeting held at Islamabad between the Finance Minister Ishaq Dar, PSM Management and Privatization Committee, the issue of PSM’s outstanding debts was discussed. The minister issued orders for the steel mills to sell its assets and settle the Rs. 51 billion loan it owes. Moonis Elahi has said the nation is in shock over the news and widely questions if the Sharif brothers policies can make their personal steel mills to reap billions of profits a year, why are they hesitant to implement the same policies for a State owned company that could have saved it from destruction? If assets are sold, the company would further decline in value and it would soon be worthless. The country’s largest industrial unit had been shut down for over a year and a half after SSGC had cut its gas supply over defaulting its Rs. 18 billion in terms of outstanding gas bills.

  • Who is this Moonis Elahi?

  • @anjaan wonders who is Moonis Elahi, who is Anjaan? One ponders over the complexity and the secrets of this universe and beyond like a fool. Who is who we might never know the answer if we don't take the pain to Google information. Hmmmmmm............who is Moonis Elahi? A million Dollar question!

  • Dear Nation
    You have to be intelligent person to ponder over the complexities and secrets, a fool cannot. So, don't even try.
    Google is a tool only for the lazy ones. I believe in find the answers myself. So, who is this lazy Moonis Elahi who cannot come out and speak for himself?