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.

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.