20000320

Corporation for

sick units revival

likely by March-end

ISLAMABAD: The federal Cabinet has referred a draft ordinance for the creation of 'Industrial Restructuring Corporation', for the revival of sick industrial units, to the law ministry for vetting.

It is expected that the proposed 'corporation' will come into being by the end of this month.

"The government has finalised plans to set up a new 'corporation' for industrial restructuring, and we hope that before the end of this month the law will be approved by the Cabinet", Secretary-General, Finance, Moeen Afzal told PTV.

"This corporation would be responsible for identifying the units which are in serious trouble, taking them out of the portfolios of commercial banks and then analysing whether to revitalise or liquidate them", Afzal said.

The present government has adopted a non-traditional approach and has decided to constitute a corporation to take into account all relevant issues of this complex problem.ÑAPP