ECC may approve sovereign guarantee for Utility Stores Corporation

ECC may approve sovereign guarantee for Utility Stores Corporation

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) may grant formal approval for sovereign guarantee for Utility Stores Corporation (USC) in its meeting scheduled for April 17, 2019.

According to agenda of the ECC meeting scheduled for Wednesday, the ministry of industries and production had proposed for the sovereign guarantee for the public sector store chain in order to overcome its financial crisis.

The USC is providing consumer items at low priced and subsidized rates to masses. The government has also approved an amount of Rs2 billion for Ramazan package to be provided to masses through the USC.

In other agenda items, the ECC may approve an amount of Rs700 million in favour of National Commission for Human Development under the ministry of federal education and professional training.

A supplementary grant of Rs337.02 million likely to be approved in respect of Gilgit-Baltistan Council for Financial Year 2018/2019.

Provision of supplementary grant of Rs1.33 billion to department of immigration and passport likely to be approved.

Further, on the recommendation of petroleum ministry, the ECC likely to approve utilization of Railways services by PSO for transportation of petroleum products.

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