Everyday News

Finance and Revenue Minister Miftah Ismail presides over ECC meeting

ISLAMABAD: Finance and Revenue Minister Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the cabinet at the Finance Division today.

invest with imarat

Islamabad’s emerging city centre

Learn More

The meeting primarily touched upon Pakistan State Oil’s (PSO) running finance facility. In the previous ECC meeting on 31st July, 2022, PSO’s liquidity issues were discussed in order to arrange a government loan to ease the issue. A network of several banks was formed including MCB, UBL, ABL, NBP, and HBL for providing a loan amount of Rs. 50 billion to PSO through a government guarantee. As the issuance of guarantee will take time to process, the banks have shown their willingness to initiate the process of issuing the loan on a Letter of Comfort. 

To raise a finance facility for PSO, the ECC approved the proposal to issue a letter of comfort for raising a loan facility of Rs. 50 billion on urgent basis. 

The meeting also discussed the approval of a GoP guarantee for financing facility of US $142 million as loan in accordance with facility agreement between Roosevelt Hotel Corporation (RHC) and the National Bank of Pakistan (NBP).

Moreover, the Ministry of Industry and Production tabled a summary for revision of prices of imported urea.

Ahmed Rehan

An editor and writer at Graana.com, Ahmed Rehan Nasir has a passion for creating engaging and informative content. With years of experience in the industry, Rehan has honed his writing skills and developed a deep understanding of SEO practices, crafting content that resonates with diverse audiences.

Recent Posts

Baghbanpura Bazar: A Historic Market in Lahore

Lahore, known as Pakistan's cultural and historic heart, is home to numerous ancient sites, bustling…

11 hours ago

Garha Mor: A Notable Landmark in Vehari City

Garha Mor, a notable landmark in Vehari, Punjab, Pakistan, is significant in its location, accessibility,…

2 days ago

Aslam Market Wah Cantt: Pleasure of Shopping & Dinning

Located in the center of Wah Cantt, Aslam Market is a vibrant commercial hub that…

3 days ago

Abid Market Lahore: An Iconic Shopping Landmark

Located in the bustling heart of Lahore, Abid Market is a landmark shopping area well…

4 days ago

CDA Chairman Urges Rapid Completion of Major Islamabad Interchanges

ISLAMABAD, Nov 16 (APP): The Chairman of the Capital Development Authority (CDA), Muhammad Ali Randhawa,…

4 days ago

IMARAT Announces Launch of Pakistan’s Largest Sharia-Compliant REIT – A New Era of Real Estate Investment

Islamabad, Pakistan— IMARAT Group, a leading real estate developer and innovator in Pakistan, announces the…

4 days ago