recorder report

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is likely to consider a bailout package of Rs 4.2 billion for Pakistan Steel Mills (PSM) today (Thursday).

Sources said that a meeting of the ECC has been convened to consider import of urea fertilizer for Kharif season (April-September 2015). An official said that the meeting would also consider a bailout package of Rs 4.2 billion for PSM for raw material and employees’ salaries for June-September 2015. The proposed package is said to have requested for approval of Rs 2.2 billion for raw material and Rs 2 billion for employees salaries. The ECC would also be requested to give approval for allocation of gas from Jhal Magsi gas field for power generation for interim period and ban on exports of donkeys’ hide.

The meeting would also be given briefing on economic indicator as well as some more proposals are expected to be tabled as usual during the meeting.