KARACHI : Pakistan Steel Mill CEO Muhammad Javaid has felicitated caretaker PM Mir Hazar Khan Khoso for taking courageous step of giving Rs11 billion bailout package to PSM.

The CEO stated that it is a bold step on behalf of the caretaker government which has decided to provide guarantee to scheduled banks for raising Rs 11 billion for PSM to meet its working capital requirement, after receiving a proposal to bailout steel mills from its current financial and operational difficulties. These measures have been taken for the revival and rehabilitation of PSM.

While addressing a gathering of officers and workers of PSM, CEO ensured all the stakeholders to take PSM from the ebb to apex.

The CEO further apprised the gathering that standard operating procedures (SOP) will be introduced for the operation of the escrow account to ensure that salaries and pension of the employees of PSM are not affected.

Moreover, the CEO stated that the recent bailout package of Rs 11 billion given through a single tranche in the shape of soft loan is being provided by NBP under guarantee of the federal government.