ECC: Bailout package for PSM remains unapproved
ISLAMABAD: The Economic Coordination Committee (ECC) remained undecided for the fourth consecutive time over the bailout package of Rs 28 billion for Pakistan Steel Mills (PSM), ARY News reported.
A significant meeting of ECC, chaired by Federal Finance Minister Ishaq Dar, was held in Islamabad.
Finance Minister Ishaq Dar decided to grant one time waiver for clearance of about 800 luxury used vehicles by importers of cars manufactured in 2009, however 20 per cent aditional charges besides minor custom duty has been imposed for the clearance of cars.
The ECC also approved the loan of Rs.5 billion to Pakistan International Airline (PIA) on governments guarantee asking Bank Alfalah to provide loan of Rs. 2 billion to PIA while Rs. 3 billion will be issued by National Bank of Pakistan (NBP).
The meeting allowed TCP to purchase 75000 tons of sugar in the first month and 50‚000 tons per month subsequently. However the ECC wasn’t able to settle on the privatization of Lakhra Power Project.