New Delhi: Bankrupt Pakistan, which is struggling to revive its dead economy, is working to bring back Pakistan Steel Mills (PSM) assistance from Russia. The Vladimir Putin administration is considering helping Shehbaz Sharif restart these mills. According to the reports, a team of Russian experts recently visited Pakistan and discussed the revival plan for PSM and submitted its report regarding the matter.
Pakistan’s Ministry of Industries and Production has informed the parliamentary committee that a final decision on this is expected by June 30. The revival of these mills is likely to provide some push to Pakistan’s economy.
According to The News report, a Russian technical team visited Pakistan to assess the current condition of Pakistan Steel Mills (PSM). The Russia team has shown its interest in the project despite the fact that the PSM is burdened with a massive debt of Rs 345 billion. This has raised hopes among Pakistanis for the revival of the steel mill.
The visit comes at a time when relations between Russia and Pakistan are improving. This growing partnership is particularly noteworthy because Russia has historically been an ally of India, while Pakistan has maintained close ties with the United States. However, recent developments indicate a shift, with Russia strengthening its relations with Pakistan.
Pakistan to Receive Major Aid
The steel mills have been closed since 2015, but Pakistani officials now hope that cooperation with Russia could lead to a viable revival plan. The revival of PSM is crucial for Pakistan’s economy. For decades, PSM was one of Pakistan’s largest industrial institutions. Its closure resulted in thousands of job losses.
However, the future of PSM will be decided after the Russian team evaluates the project. If the revival plan succeeds, it will be a major achievement for Pakistan’s economy. It remains to be seen how Russia and Pakistan tackle this challenge together. The employees of PSM are eagerly waiting for this decision. They hope that PSM will restart and they will get employment.
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