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Government releases fourth bailout tranche to PSM

ISLAMABAD: Pakistan Steel Mills (PSM) has received the fourth tranche worth Rs. 2.87 billion of its bailout package amounting Rs. 18.5 billion on Monday, ARY News reported.

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PSM spokesman, Shazim Akhter said salaries to the employees will be paid while the rest of the amount will be utilized for paying utility bills. He said that institute has paced up the process for the acquisition of imported raw material.

On April 25, 2014, the Economic Coordination Committee (ECC) had approved the bailout package for the PSM worth Rs 18.5 billion. And since May till date, the ministry of finance has given Rs 12.44 billion in four tranches.

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