ECC meeting: Govt approves fresh Rs2.9bn bailout for Steel Mills

[Amaa'n]

ISLAMABAD: Government has approved a bailout package for Steel Mills worth Rs2.9 billion, Express News reported.
The decision was taken in the Economic Coordination Committee (ECC) meeting headed by Finance Minister Ishaq Dar on Saturday.
The meeting further decided that the Chairman Board of Investment and Ministry of Industries should come up with a proposal for long term solution of the problem in the next meeting.
It also decided against privatisation of Pakistan Steel Mills, reiterating that it will remain a public sector enterprise.
Express News correspondent Irshad Ansari reported that Steel Mills will be provided the money in three installments with the first one in the current month and the rest over the subsequent months.
The ECC further directed the Trading Corporation of Pakistan to purchase 100‚000 Metric Tonnes of sugar to maintain strategic reserves. Similarly the ECC was told that presently the wheat stock stood at 7.043 metric tonnes compared to 6.750 metric tonnes in the corresponding period last year, Radio Pakistan reported.
The meeting approved Yamaha Motorcycle Industries to have qualified under the new entrant policy for Motorcycle Industry as an industry with new technology.
The decision will clear the way for a foreign direct investment of 150 million dollars.
The meeting was informed that State Bank had received the first installment of five hundred fifty million dollars from the International Monitoring Fund thus increasing the Foreign Exchange Reserve to ten point four billion dollars.

 

[A.Rafay]

So much bailouts this new govt is giving to corrupt organizations instead they should focus on making them corruption free.

 

[xyxmt]

Sell these companies, please have some mercy on Pakistani people and sell these rotten companies run by rotten management and employs rotten people, sell PIA, Steel mills these so that new management fire all these haram khor employees and let them starve for what I care. Sell it even if you get zero for it because that will be more profitable than to keep injecting 10 billion every year.

I am sick of all PIA employees making trip to Canada 13 times a year to have 13 babies here so all 13 can be Canadian Citizen and getting child benefits, I am sick traveling in PIA to find out half the plane is full of ex employees who didnt even work when they were suppose to work yet they are all getting free ticked to toronto to have more babies while I cant get a seat for two months.

sell these f'ing sick companies run by hud harams and close all doors to their hud ******