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.
Islamabad, Oct 13: The Islamabad district administration has clarified that all roads in the federal…
Islamabad: Capital Development Authority (CDA) and the Overseas Pakistanis Foundation (OPF) have agreed to collaborate on…
Rawalpindi: The Rawalpindi Municipal Corporation (RMC) has finalized a phased plan to complete multiple ongoing…
Islamabad: Federal Minister for Communications Abdul Aleem Khan has unveiled a wide-ranging reform strategy for…
IMARAT has made history by becoming Pakistan’s first certified Marriott International operator, a landmark achievement…
Islamabad: The Islamic Development Bank (IsDB) has approved a USD 475 million financing package for…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
