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

Published: September 7, 2013
The bailout will be provided in three installments. PHOTO: FILE

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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Reader Comments (9)

  • Mr Zozo
    Sep 7, 2013 - 8:44PM

    Yes, because it is the only country where money grows on trees !


  • abd
    Sep 7, 2013 - 9:17PM

    International Monitoring Fund

    It is called the International Monetary Fund.


  • ali
    Sep 7, 2013 - 9:41PM

    should be privatized.


  • Sindhi
    Sep 7, 2013 - 10:05PM

    Great work…………Workers rights should be protected…….neo liberal policies are not good……..


  • fahad
    Sep 7, 2013 - 10:21PM

    that’s good now at least poor employees will get their salaries…good effort


  • logic
    Sep 7, 2013 - 10:43PM

    As far as PSM is conconcerned GOP is continuing to support inefficiency and corruption


  • Go Zardari Go!!
    Sep 7, 2013 - 11:42PM

    That is the level of intelligence of ET writers and editors what else did you expect of course this comment won’t be approved because their delicate egos will be hurt.


  • Parvez
    Sep 7, 2013 - 11:48PM

    Nawaz and Zardari two faces of the same coin.


  • Sabih Shad
    Sep 7, 2013 - 11:54PM

    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.


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