ECC meeting: Govt approves fresh Rs2.9bn bailout for Steel Mills

Approval given for Yamaha motorcycles to invest in Pakistan as State Bank reports receiving IMF loan installment.


Web Desk September 07, 2013
The bailout will be provided in three installments. PHOTO: FILE

ISLAMABAD: Government has approved a bailout package for Steel Mills worth Rs2.9 billion, Express News reported.

The decision was taken in the Economic Coordination Committee (ECC) meeting headed by Finance Minister Ishaq Dar on Saturday.

The meeting further decided that the Chairman Board of Investment and Ministry of Industries should come up with a proposal for long term solution of the problem in the next meeting.

It also decided against privatisation of Pakistan Steel Mills, reiterating that it will remain a public sector enterprise.

Express News correspondent Irshad Ansari reported that Steel Mills will be provided the money in three installments with the first one in the current month and the rest over the subsequent months.

The ECC further directed the Trading Corporation of Pakistan to purchase 100‚000 Metric Tonnes of sugar to maintain strategic reserves. Similarly the ECC was told that presently the wheat stock stood at 7.043 metric tonnes compared to 6.750 metric tonnes in the corresponding period last year, Radio Pakistan reported.

The meeting approved Yamaha Motorcycle Industries to have qualified under the new entrant policy for Motorcycle Industry as an industry with new technology.

The decision will clear the way for a foreign direct investment of 150 million dollars.

The meeting was informed that State Bank had received the first installment of five hundred fifty million dollars from the International Monitoring Fund thus increasing the Foreign Exchange Reserve to ten point four billion dollars.

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COMMENTS (9)

Sabih Shad | 7 years ago | Reply

Please gift the equity of Pakistan Steel Mills to the workers who need to be protected. Save the rest of the nations workers from PSM workers inefficiency.

Parvez | 7 years ago | Reply

Nawaz and Zardari two faces of the same coin.

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