The Economic Coordination Committee (ECC) approved on Tuesday to launch Islamic Sukuk bond amounting to Rs 200 billion for payment of circular debt.
Its meeting was chaired by Finance Minister Asad Umar.
The ECC approved National Food Security Ministry’s proposal for allowing the export of 0.5 million tonnes of surplus wheat/wheat products by the Pakistan Agricultural Storage & Storage Corperation for which it had received tenders.
The decision was made keeping in view the rising prices of wheat in the international markets, sufficient available stocks and the predictions of a good crop in the current crop season.
The Energy & Power Ministry gave a detailed presentation on the current situation of circular debt and the components that have contributed to its build up.
The ECC after a detailed discussion, allowed the ministry to proceed with the raising of syndicated Islamic Term Finance Facility of Rs 200 billion for which a term sheet had already been received from a consortium of Islamic banks.
The Information Technology & Telecommunications Ministry briefed the meeting on the annual budget of the National Telecommunication Corporation (NTC).
The committee after discussion directed the ministry to address the management issues of NTC on priority, in view of the unsatisfactory responses to the queries raised by members of the ECC.
Published in Daily Times, January 30th 2019.
