Picture of Pakistan Steel Mill - File Photo

ISLAMABAD: Economic Coordination committee (ECC) on Tuesday approved for 8.6 billion rupees bail-out package for Pakistan Steel Mills (PSM), DawnNews reported.

The ECC meeting, headed by Finance Minister Abdul Hafeez Sheikh, was held in Islamabad.

ECC discussed summary regarding financial assistance for the PSM moved by Ministry of Production.

ECC was informed that the PSM has been facing loss since 2008 and currently working at a very low capacity of 15%.

While keeping in view difficulties faced by the PSM and the previous Cabinet Committee on Restructuring (CCOR) decision, ECC approved financial package of Rs.8.6 billion for PSM including mark up for fiscal year 2013.

ECC also approved disbursement schedule for PSM formulated by CCOR.

According to the package, the repayment schedule of 5 billion and 120 million rupees debts of the PSM would be rescheduled while the interest on the debts would be paid by the federal government.

The government has also raised the credit ceiling for the PSM to three billion rupees.

Opinion

A dangerous bargain
Updated 17 Jun 2021

A dangerous bargain

Budget for FY22 faces massive risks such as inflation and a resurgence of the trade deficit.
The Falmouth diet
17 Jun 2021

The Falmouth diet

The Charter is an obsequious affirmation of US’s papacy.

Editorial

Shameful behaviour
17 Jun 2021

Shameful behaviour

Both opposition and treasury members should create space for opinions to be heard and aired.
17 Jun 2021

Sindh budget

A CURSORY reading of the Sindh budget 2021-22 reinforces the impression that Chief Minister Murad Ali Shah’s...
17 Jun 2021

West on China

IN what seems like a distinct return to Cold War rhetoric, the Western bloc has issued back-to-back statements...
Centre-Sindh tension
Updated 16 Jun 2021

Centre-Sindh tension

Such an adversarial state of affairs is not sustainable without damaging the working of the federation.
16 Jun 2021

Punjab budget

PUNJAB is where the battle for power will be fought in 2023. Punjab is also where PTI parliamentarians are perhaps...
16 Jun 2021

Haj decision for women

WHILE this year’s Haj will again be marked by a limited number of pilgrims, the Saudi government’s decision to...