Circular Debt: ECC allows raising Rs200 billion Islamic term finance facility

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet on Tuesday allowed for raising Islamic Term Finance Facility of Rs200 billion for resolving circular debt issue.

 

 

Finance Minister Asad Umar chaired the meeting of the ECC.

The Ministry of Energy, Power Division gave a detailed presentation on the current situation of circular debt and the components that have contributed to its build up.

ECC after detailed discussion, allowed the Ministry to proceed with the raising of syndicated Islamic Term Finance Facility of Rs200 billion for which term sheet had already been received from a Consortium of Islamic Banks.

ECC approved Ministry of National Food Security’s proposal for allowing the export of 0.5 million tons of surplus wheat/ wheat products by PASSCO 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 (1.7 million tons) and the predictions of a good crop in the current crop season.

The Ministry of ITT (Information Technology and Telecommunications) briefed the meeting on the annual budget of NTC.

The Committee after discussion directed the Ministry of ITT to address the management issues of the NTC on priority, in view of the unsatisfactory responses to the queries raised by members of the ECC.

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