Finmin holds meetings to examine EAS, ELVO and LARKO restructuring plans

The restructuring plans are a precondition for the disbursement of the September rescue loan tranche, while implementation of the plans should conclude by the end of the year.

Employees with the three companies gathered outside the ministry while the meetings were under way to protest the government plans and the likely layoffs.

EAS employees have not been paid their salaries for the last eight months, while ELVO

staff for the last four months. A redundancy plan in ELVO has reduced staff to 350 from 1,200.

In a press release Monday evening, the Finance ministry said that the future of EAS and ELVO was discussed in depth and a decision should be expected by the end of the week, with both the Defence and Finance ministries looking for the best possible solution.

The government’s plans for LARKO to be submitted to the troika, were presented to representatives of the company’s employees during a meeting with the political heads from the ministries of Finance and Environment.

Source: AMNA