ECC approves issuance of Eurobonds for Mohmand, Diamer Bhasha dams

ISLAMABAD: The Economic Coordination Committee (ECC) has approved the issuance of $500 million worth Eurobonds for Mohmand and Diamer Bhasha dams, citing sources, ARY News reported on Thursday.

However, the Economic Coordination Committee (ECC) has once again deferred giving go-ahead to the Karachi Transformation Plan (KTP) and orders for holding more consultation with the relevant institutions and stakeholders, sources told ARY News.

Finance Minister Abdul Hafeez Shaikh chaired the session of ECC to discuss a 10-point agenda. It is noteworthy to mention here that the meeting had been scheduled to be held on Wednesday (yesterday) but it was postponed.

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It has been decided to run a portion of Karachi Circular Railway (KCR) under public-private partnership under the supervision of Pakistan Railways (PR).

A technical supplementary grant worth Rs500 million has been approved for the Ministry of Housing and Works, whereas, the committee approved the issuance of $500 million Eurobonds for Mohmand and Diamer Bhasha dams.

The ECC members have approved payments of loans for the projects for gas imports by Gas Infrastructure Development Cess (GIDC).

Read: PC approves transaction structure for revival of PSM

A technical supplementary grant was also approved for the Higher Education Commission (HEC) for PM’s Fee Reimbursement Scheme.

Moreover, Abdul Hafeez Shaikh has also chaired a session of the Cabinet Committee for Privatisation where the members approved transaction structure of the state-owned Pakistan Steel Mills (PSM) Corporation.

While discussing the one-point agenda, a briefing was given by the privatisation division to the cabinet’s committee regarding the transaction structure of PSM. Under the plan, around 9,000 employees of Pakistan Steel Mills (PSM) will be retired through a special scheme