Business

PSM receives second tranche of bailout package

ISLAMABAD: The federal government of Pakistan has issued the second tranche of bailout package worth Rs. 2.55 billion to Pakistan Steel Mills (PSM), ARY News reported.

PSM spokesman, Shazim Akhtar confirmed that PSM has received the second tranche of the recently approved bailout package worth Rs. 18.5 billion.

He informed that after receiving the amount salary for the month of April has been issued to 16000 employees of the institute, Rs. 1.5 billion has been spent for opening of a letter of credit to import raw material, while the rest of the amount will be utilized for paying utility bills.

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