Minister for Finance and Income Miftah Ismail presided over the assembly of the Financial Coordination Committee in Islamabad on Thursday.

The committee authorised the proposal to difficulty a letter of consolation in favour of PSO for elevating a mortgage facility of 50 billion rupees on an pressing foundation.

Earlier, in ECC assembly on 31st of final month, it was mentioned to rearrange a authorities assure mortgage to ease out liquidity problems with PSO.

A consortium of banks was fashioned together with ABL,NBP, MCB, UBL and HBL for sanctioning a mortgage amounting to 50 billion rupees to PSO by means of a authorities assure. Because the issuance of assure will take time, the banks have proven their willingness to provoke the method of issuing mortgage on letter of Consolation. Nonetheless, Finance Division to divert another allotted ensures to PSO with out exceeding 105 billion rupees home assure restrict for the first quarter of Present Fiscal Yr.

The ECC additionally authorised Authorities of Pakistan assure for financing facility of 142 million US {dollars} as mortgage in accordance with facility settlement between Roosevelt Lodge Company and the Nationwide Financial institution of Pakistan.

With a purpose to take away disparity within the costs of imported and domestically manufactured Urea, the ECC authorised the proposal that Seller Switch worth of 50 kg imported Urea could also be revised upward to 1805 rupees per bag by Nationwide Fertilizer Advertising and marketing Restricted. The ECC additional directed to repair the Urea pricing and supplier margin in future with prior approval of the ECC.