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Tag: ECC

  • ECC discusses arrest of PNSC ship by South Africa

    ECC discusses arrest of PNSC ship by South Africa

    ISLAMABAD: South Africa has arrested a ship of Pakistan National Shipping Company (PNSC) for alleged payment default by Pakistan Steel Mills.

    The issue was discussed at the Economic Coordination Committee (ECC) of the Cabinet on Wednesday which was chaired by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.

    A statement said that the ECC considered a proposal by the Ministry of Maritime Affairs regarding arrest of PNSC ships in South Africa on account of alleged claims of M/s Coniston against Pakistan Steel Mills Ltd and asked the Finance Secretary to engage with the PNSC and PSM and seek opinion of the Law Division, if necessary, to resolve the issue having ended up in litigation.

    The ECC approved release of Rs 75 billion from PM’s Relief Package of Rs 200 billion for targeted payments to the low-income groups, especially labourers and daily wagers most severely affected by the lockdown situation in the country.

    Under the decision, disbursement of Rs 12,000/- per selected person would be made using the Ehsaas disbursement mechanisms under a programme called “Mazdoor Ka Ehsaas Programme”.

    For this purpose, a fourth category in addition to already existing three categories in “Ehsaas Kifalat”, would be created and standard filters/checks of Ehsaas Program would be applied for identification of the beneficiaries.

    Earlier, the ECC was told that after the usual filters and checks, up to 6 million low-income people were expected to benefit under the planned 4th category in addition to the 12 million labour population already targeted through category 1-3 of Kifalat.

    “Mazdoor Ka Ehsaas Programme” was aimed at extending much-needed support in the current situation to the low-income labour/daily wagers mostly involved in activities such as loaders, cleaning staff, contract employees, piece rate workers, self-employed street vendors, construction workers, painters, welders, mechanics, carpenters, domestic help, drivers, etc.

    The ECC also asked the Ministry of Industries and Production and the Poverty Alleviation and Social Sector Development Division (PASSD) to jointly work out comprehensive mechanism and modalities to ensure a transparent and efficient disbursement of the support to the deserving people.

    During the meeting, the ECC on two separate proposals approved a technical supplementary grant of Rs 606 million for 19 projects to be implemented by the Government of Balochistan for FY 2019-20 and another technical supplementary grant amounting to Rs 7 million for purchase of spare parts for helicopter maintenance by Frontier Corps Balochistan (North).

    The ECC also approved release as government loan of Rs 1.30 billion in the current financial year and Rs 3.85 billion per annum during the next three years for settlement of the outstanding liabilities of litigants in the case involving Pakistan Steel Mills (PSM).

    On a proposal by the Ministry of Commerce, the ECC approved notification of the Export Policy Order, 2020 and Import Policy Order, 2020 in consolidated form as per the Law Division’s recommendations for the convenience of the business community.

    The ECC also approved a proposal by the Ministry of Overseas Pakistanis and HRD for approval of the budget proposal for the year 2019-20 & revised budget estimate for 2018-19 of EOBI.

    The ECC, on a proposal by the Ministry of Climate Change, approved exemption from the Re-lending Policy of the Government in respect of a USD 188 million World Bank IDA for the Pakistan Hydromet and Ecosystem Restoration Services Project.

    The ECC also accorded principled approval to a proposal by the Ministry of National Health Services for provision of Rs 150 million funds as grant in aid/seed money for Islamabad Healthcare Regulatory Authority, the ECC asked the Secretary Finance and Secretary Health to jointly to work out modalities for the arrangement of funds.

    On a proposal by the Ministry of Industries and Production seeking a supplementary grant of Rs 288 million for payment of salaries to the employees of Pakistan Machine Tool Factory, the ECC asked the Finance Division and the Industries and Production Division to sit together and resolve the issue.

  • ECC approves 0.2MMT wheat for Utility Stores

    ECC approves 0.2MMT wheat for Utility Stores

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved 0.2 million metric tons of wheat for Utility Stores Corporation (USC) to provide relief to masses.

    Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet today at the Cabinet Division.

    ECC approved the allocation of additional 200,000 M.T of wheat for Utility Stores Corporation from PASSCO, the approved quantity will be released in tranches.

    The first tranche will be of 50,000MT, which would be released immediately; the rest will be released on demand by USC.

    The total cost of this package is Rs.8.690 billion including incidental charges of 1.690 billion. The chair also directed that the record of the USC and PASSCO may be completely computerized so that it may ensure transparency and facilitate decision making.

    There was also a discussion in ECC on data collection from private flour mills in order to ascertain the correct situation of demand and supply of wheat/atta in the country and to ensure accuracy in decision making.

    The Chair also asked the Poverty Alleviation Division to ensure transparency and efficiency in disbursement of funds to the vulnerable in wake of COVID-19 situation in the country.

    Secretary Poverty Alleviation Social Safety Division assured the ECC that no one would be allowed to swindle the poor people of this country, he further informed that the multiple arrests have already been made and exemplary punishment will be given to those who will cheat the poor.

    The Division also briefed the ECC that so far 1.7 million families have been paid under the Ehsaas program and payments to remaining families are underway.

  • ECC approves Rs75 billion for repayment of tax refunds

    ECC approves Rs75 billion for repayment of tax refunds

    ISLAMABAD: Economic Coordination Committee of (ECC) the Cabinet on Monday approved Rs75 billion for Federal Board of Revenue (FBR) for the repayment of tax refunds.

    Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired a special meeting of the ECC, which approved Rs75 billion for FBR to enable them to payback the sales tax and income tax refunds, duty drawbacks and customs duties which is due for the last 10 years.

    The amount shall help approximately 676,055 beneficiaries by improving their liquidity position.

    ECC also approved the supplementary grant of Rs30 billion to Ministry of Commerce to payback duty drawbacks to textile exporters in the current financial year to improve their liquidity position when their businesses are experiencing a slowdown due to worldwide outbreak of corona epidemic.

    The special ECC meeting was met to fulfill the necessary requirements for different relief measures already announced by the Prime Minister for the public due to the ongoing Corona Virus Pandemic.

    ECC approved the fiscal stimulus package of Rs1.2 trillion with main components as follows:

    ECC approved Supplementary Grant of Rs100 billion for the “Residual/Emergency Relief Fund” in terms of article 84(a) of the constitution of Islamic Republic of Pakistan for provision of funds for mitigating the affect of COVID-19.

    The special Package for providing relief to the poor through cash assistance under the Ehsaas Program was also approved by the ECC.

    The package shall provide cash grants to 12 million families under the regular “kafalat program” and Emergency Cash Assistance on the recommendation of the district administration.

    The assistance will be provided for four months and besides the BISP beneficiaries it will be one time dispensation, the cash will be provided either in one installment of Rs12,000 through Kafalat partner banks i.e Bank Alfalah and Habib Bank Limited after biometric verification or it may be provided in two installments of Rs6000/- each.

    The Poverty Alleviation Division was asked to present both options with feasibilities.

    The partner banks may be asked to make arrangements through branchless banking networks to disburse cash. Rs 72.9 billion of additional funds through technical supplementary grant would be given to BISP under “Ehsaas Cash Assistance Package in Response to COVID-19” Pandemic.

    After Ministry of Industries and Production presented a comprehensive proposals regarding the targeting parameters , implementation mechanism, cash assistance per family per month and financial phasing of the program, ECC approved Rs200 billion of cash assistance for the daily wagers working in the formal industrial sector and who had been laid off as a result of COVID-19 outbreak.

    It was estimated that around three million workers will fall in this category and they will have to be paid a minimum wage of Rs.17500 per month.

    The estimated cost of this provision for daily wagers comes around to Rs52.5 billion a month.

    The provincial labour departments shall ensure the delivery of assistance to the laborers while the provision of funds shall be the responsibility of the federal government.

    ECC directed that immediate consultation with the provincial labor departments(mentioned under the provincial rules of business) may be carried out for providing timely assistance to those who are in need.

    ECC approved Rs50 billion for Utility Stores Corporation to provide essential food items to the vulnerable section of the society at subsidized rates.

    USC has prepared an initial plan to deliver 9 essential food items @ Rs 3000 for a family of 2+4 people through Pakistan Post Foundation Logistics Division.

    USC has further planned to procure essential items within 2-3 weeks. It was directed that USC may engage with BISP to obtain data for targeted assistance and again come back to the ECC for a detailed proposal for reaching out to the poor families for the effective use of this package before making any expenditure from this amount.

    ECC also allowed to reduce different taxes and duties on import and supply of different food items for alleviating the adverse impact of COVID -19 on different sections of the society.

    Rate of advance tax on the import of different pulses was reduced to 0 percent from 2 percent. individuals and associations of persons providing tea, spices, dry milk and salt to USC without a brand name will pay 1.5 percent withholding tax instead of 4.5 percent.

    Individuals and AoP receiving payments from USC for supplying ghee, sugar, pulses, and wheat flour shall be charged 1.5 percent withholding tax instead of 4.5 percent earlier. ACD (additional customs duty) @ 2 percent on soya bean oil, canola oil, palm oil and sunflower oil (and on these four oil seeds) has also been exempted.

    ECC was briefed SBP is working on payment of claims worth Rs49 billion out of which around 40 billion will be paid by June 2020.

    ECC approved supplementary grant of Rs6 billion for Pakistan Railways to meet its expenses. Pakistan Railways has suspended its passenger train services around the country since 19-3-2020.

    The approved amount shall be utilized for paying salaries to 70,000 employees, repairs, paying for utilities and performing disinfectant sprays on platforms and inside trains for proving safe journey to the passengers.

    Currently Pakistan Railways is earning only 1/6th of its monthly income through coal freight and the rest is suspended.

  • ECC approves withholding tax exemption on remittances transfer to bank accounts

    ECC approves withholding tax exemption on remittances transfer to bank accounts

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved exemption from withholding tax on transfer of remittances into bank accounts.

    The ECC approved at the meeting on Wednesday chaired by Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.

    The ECC approved that the amount of the remittances transferred into bank accounts will be exempted from withholding tax with effect from July 1, 2020.

    The ECC approved a host of measures to encourage and facilitate the overseas Pakistanis to send their remittances through official banking channels.

    Under the decision, following measures for the enhancement of home remittances through banking channels were approved:

    i. The rebate of reimbursement of T.T. Charges transactions between USD 100 and USD 200 will be increased from SAR- 10/- to SAR-20/-.

    ii. Continuation of the New Scheme of incentives launched in 2018-19 for banks and exchange companies during the current calendar year from January 2020. As per Scheme financial institutions would be incentivized Rs. 0.50 per 1 USD on 5 percent growth, Rs. 0.75 per 1USD on 10 percent growth and Rs. 1/- per 1USD on 15 percent growth.

    iii. The amount of the remittances transferred into bank accounts will be exempted from withholding tax with effect from July 1, 2020.

    iv. A “National Remittance Loyalty Program” will be launched from September 1, 2020 with collaboration of major commercial banks and government agencies through which various incentives will be given to remitters through mobile apps and cards.

    ECC approved a technical supplementary grant of Rs.9.6 billion during the current financial year to finance the above mentioned initiatives.

    Taking up other agenda items, the ECC approved a proposal by the Ministry of Federal Education & Professional Training for a technical supplementary grant of Rs 5 billion in favour of the Higher Education Commission (HEC) for the current Financial Year 2019-20 with instruction for a judicious and need-based distribution of funds among the universities.

    The ECC also approved a proposal by the National Security Division for a technical supplementary grant amounting to Rs 15 million for the Strategic Policy Planning Cell (SPPC) created in the National Security Division with the approval of the Prime Minister to act as an intellectual hub for evidence-based policy input on key national security issues.

    On a proposal by the Ministry of Defence, the ECC okayed a proposal for a technical supplementary grant amounting to Rs 34.528 million for Internal Security Duty Allowance to the Pakistan Air Force.

    On a proposal by the Petroleum Division, the ECC approved allocation of gas to SSGC and Provisional Tight Gas Incentive for Rehman-4 Well in Kirthar Block subject to the finalization and approval of requisite third-party certifications for Tight Gas for the same well.

    The ECC also discussed a proposal regarding quarterly adjustments of the K-Eectric Limited for the period from July 2016 to March 2019 and in the light of input and discussion by the members, set up a committee including Minister for Power Omar Ayub Khan, Minister for Economic Affairs Muhammad Hammad Azhar, Deputy Chairman Planning Commission, Secretary Finance and a representative from the K-Electric to examine the issue in detail and recommend to ECC within a week a solution and roadmap for resolving the issue.

    The ECC also deliberated upon a proposal by the Ministry of Energy to further extend till June 2020 the grant of subsidy to agricultural tubewell consumers in Balochistan.

    Earlier, the ECC was briefed that nearly 30,000 agri consumers in Balochistan had been given subsidy since 01.01.2015 with 40 percent of the burden of subsidy born by the Government of Pakistan and the remaining 60% picked up the Balochistan government.

    However, the recovery of dues from the farmers for the electricity consumed over and above the limit of subsidy had been negligible and attempts to recover these dues from defaulters in the past had not been successful.

    The ECC discussed the issue in detail and set up a Committee, including the Minister for Power, to discuss the issue with the Government of Balochistan to ensure a credible solution to the problems impeding a judicious execution of the scheme for which the federal government alone was contributing Rs 9 billion annually, and also allowed the extension of subsidy until a solution to the issue was found by the Committee and put in place.

    On a proposal by the Ministry of Industries and Production for revival of M/s Tuwairqi Steel Mills Limited (TSML) – A Direct Reduced Iron (DRI) Unit, the ECC discussed the issue and asked the Ministry of Industries and Production to resubmit the proposal in the light of recent and ongoing development on different issues among stakeholders on the proposal.

  • ECC allows import of controlled chemicals through commercial importers

    ECC allows import of controlled chemicals through commercial importers

    The Economic Coordination Committee (ECC) of the Cabinet, under the chairmanship of Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh, has permitted the import of controlled chemicals through commercial importers. This decision, made on Wednesday, is aimed at easing the availability of essential chemicals for various industrial applications.

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  • ECC bans sugar export to control prices

    ECC bans sugar export to control prices

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday banned the export of sugar to maintain the prices in domestic market.

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  • ECC approves Rs700 million for Postal Life Insurance

    ECC approves Rs700 million for Postal Life Insurance

    ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved an amount of Rs700 million as initial paid up capital for Postal Life Insurance.

    A statement said that In order to register Postal Life Insurance as Public Limited Company, ECC approved an amount of Rs 700 million as initial paid up capital.

    The amount shall be allocated by the Finance Division and transferred to the proposed Postal Life Insurance Company.

    After the approval Postal Life Insurance shall fall under the regulatory frame work of the Securities and Exchange Commission of Pakistan.

    Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the meeting of Economic Coordination Committee (ECC) of the Cabinet here at the Cabinet Division.

    ECC also approved the Creation of Digital Media Wing in the Ministry of Information and Broadcasting. The purpose of the Wing shall be to effectively counter the fake/libelous news and highlight the development agenda of the government.

    The ECC directed the MoI&B to move ahead for the creation of the wing by using its already available resources.

    ECC also approved the amendment in SRO 192(1)/ 2019 dated 11-02-2019 extending exemption from regulatory duty to export oriented units.

    ECC considered and approved the grant of amount Rs 153.25million from the budget of the Ministry of Finance, as technical supplementary grant for the Ministry of Interior, to be given through the Office of the Deputy Commissioner of Islamabad, for compensation to the victims of suicidal attack at District courts F-8 Islamabad on 03-3-2014.

    Finance Division supported the proposal in compliance with the orders of the Honorable Supreme Court of Pakistan.

    ECC gave approval to the transfer of funds amounting to Rs 31.5 million in equivalent foreign exchange from the Ministry of Interior to the Ministry of Defence as Technical Supplementary Grant for the logistic support for the maintenance of Cessna aircrafts.

    ECC was attended by Federal Ministers for National Food Security and Research, Railways, Energy, Privatization and other senior officials of the different Ministries.

  • ECC approves waiver of all port charges against Karkey rental power

    ECC approves waiver of all port charges against Karkey rental power

    ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Wednesday approved waiver of all port charges against Karkey rental power.

    Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting at the Cabinet Division.

    The ECC considered and approved waiving off all port dues/ charges amounting to Rs 194,95 million on January 31, 2020 or till the vessels leave the port accruing against Karkey.

    The said waiver was required as a consequence of the settlement agreement reached between the Government of Pakistan and Karkey.

    On the summary moved by the Ministry of Industries and Production for the payment of outstanding liabilities of Pakistan Steel Mills against Sui-Southern Gas Company for the non- payment of Gas bills, ECC approved the release of Rs.350 million for the partial settlement of the SSGC liability.

    Establishment of Trust Fund to implement risk sharing facility under 3rd Tranche of US$10 million of credit line of US$140 million obtained from World Bank for Pakistan Mortgage Refinance Company Limited (PMRCL) was also approved.

    The purpose of the Trust will be to leverage the Trust Funds by issuing guarantees in favor of the mortgagors to cover possible losses from eligible mortgage loans.

    Finance Division also sought approval for the demand of Rs 80 million as Technical supplementary grant in the budget of the Finance Division for the Financial Year 2019-20 for providing assistance for families of the government employees who expired during service and provision of Adhoc relief allowance 2019.

    ECC also approved the proposal sent by the Ministry of Finance for the issuance of direction of the Federal Government to the State Bank of Pakistan under sub-section 6(A) of the section 17 of the SBP Act 1956 to sell its shares in House Building Finance Company Limited (HBFCL).

    ECC approved the grant of Technical Supplementary Grant amounting to Rs.100 million to National Information Technology Board (NITB) under the Ministry of IT & Telecommunication for centralized procurement of ICT infrastructure to ensure e-readiness of Federal Government for the implementation of the E-governance program.

  • ECC allows import of 300,000 tons wheat

    ECC allows import of 300,000 tons wheat

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday allowed 300,000 tons of wheat to ensure sufficient supply of the commodity and reducing prices in the domestic market.

    A meeting of the Economic Coordination Committee of the Cabinet (ECC) chaired by Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh on Monday allowed import of 0.3 million tons of wheat to decrease the local wheat price and meet the domestic requirement.

    Under the decision, the wheat would be imported by the private sector by withdrawing regulatory duty to the extent of the approved quantity.

    The ECC further decided that the wheat to be imported under the ECC decision would be allowed in the country until March 31, 2020 to ensure that the local wheat to be available from the start of April was picked up at the right price from the market.

    The ECC also issued instruction for the immediate release of stocks held by the PASSCO and the provincial departments.

    Besides the import of wheat, the ECC approved a proposal by the Ministry of Industries and Production to reduce the GIDC on gas consumed by the fertilizer manufacturers from Rs 405 to Rs 5 per bag so that this benefit could be passed on to the farmers.

    ECC also allowed the raising of Rs 200 billion on the request of Ministry of Energy (Power Division) from the Islamic Banks as fresh facility through Power Holding Limited by way of issuance of Pakistan Energy Sukuk-II against assets of the DISCOs/GENCOs as collateral through open competitive bidding to procure financing in a fair and transparent manner.

    The amount will be utilized for the purpose of the funding the repayment liabilities of the DISCOs.

    ECC approved the proposed mechanism by the Ministry of Finance for the grant of Sovereign guarantees. All requests for government guarantees are to be accompanied by request for guarantee by the governing body of PSE’s.

    Further

    • Every request must be reviewed and endorsed by the concerned Administrative Ministry/Department of the relevant entity.

    • Audited Financial statements of previous year prior to issuance of guarantee is mandatory for evaluation of guarantee request

    • Business plan including an explanation of the business model and financial projections for at least 5 years;

    • A note explaining the following;

    1. Whether its need for guarantee is short term or long term.

    2. Business model followed by the entity since inception or over the last 5 years, whichever is less

    3. Financial as well as non-financial performance of the entity since its inception or over the last five years, whichever is less

    4. Request, along with justification, for the type and amount of guarantee needed by the entity and the timelines over which it is required The Finance Division shall evaluate the request internally and finalize its recommendations with the approval of the Finance Secretary.

    ECC also approved the report on proposed exemption of 5% sales tax on cotton seed cake.

    It was briefed to the ECC that in case the exemption of sales tax on Cotton Seed Cake cannot be introduced during CFY 2019-2020, the same can be considered for inclusion in the Finance Bill of 2020-2021.

    The approval of Technical Supplementary Grant of Rs. 96.652 million of National Book Foundation in favor of Ministry of Federal Education and Professional Training was also granted by ECC.

    Technical Supplementary Grant amounting to Rs 15 million for centralized procurement of ICT infrastructure to ensure e-readiness of Federal Government for implementation of E-Governance program was also approved.

    ECC granted approval to the request of the Ministry of Interior for the Technical Supplementary Grant amounting to Rs458 million for payment of subsistence allowance to Personnel of Civil Armed Forces deployed in UN Peacekeeping Missions.

  • ECC constitutes price negotiation committee for TAPI gas pipeline project

    ECC constitutes price negotiation committee for TAPI gas pipeline project

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the constitution of Price Negotiation Committee (PNC) for TAPI(Turkmenistan-Afghanistan-Pakistan-India) Gas pipeline project.

    Adviser to the Prime Minister on Finance, Dr. Abdul Hafeez Shaikh chaired the meeting of the Cabinet here at the Cabinet Division.

    The PNC shall negotiate the price with Turkmen gas. The Committee shall consist of the following members; Secretary, Ministry of Energy (Petroleum Division) as chairman. Secretary Finance or his nominee, Joint Secretary, Ministry of Energy (Power Division), Director General (Gas)/ Director (Gas) and Managing Director, SSGCL as members.

    The ECC approved the Technical Supplementary Grant of Rs 1.00 billion under demand No.04-Cabinet Division for establishment of Pakistan Tourism Development Endowment Fund under Public account.

    The Chair directed Pakistan Tourism Development Corporation to come up with their tourism development and soft image promotion plan in the next meeting.

    The ECC also granted approval of allocation of Gas from PGNiG’s RIZQ Gas Field to M/S SSGCL. It was briefed to the ECC that currently 2 wells namely Rizq-1 and Rizq -2 are producing 16 MMFCD gas from Rizq gas field, which are allocated to M/s SSGCL, whereas Rizq -3 which is under drilling, is expected to add another 9 to 10 MMCFD gas to the existing production. Upon completion of this well, the cumulative gas production from this gas field is expected to raise upto 25 MMCFD. The price of the gas shall be according to the applicable Petroleum Policy.

    On the Demand moved by the Ministry of Industries and Production for Rs 3.02 billion for the payment of outstanding dues of SSGC Private Limited by Pakistan Steel Mills on account of gas bills, the ECC directed to constitute a three-member Committee under the Chairmanship of Secretary Finance to find out a feasible solution for the issue so that the already allocated budget may not be exceeded and the liabilities of both SSGC and PSM are duly settled.

    ECC directed Ministry of Finance to explore the possibilities for improving the liquidity position of Pakistan State Oil as exchange losses of around Rs 28 billion have incurred on FE-25 loans by PSO.

    The loans were acquired under the instructions of Ministry of Finance for financing of import operations of PSO.

    Finance Ministry assured the ECC of utilization of possible all funding options in the ongoing financial year and any deficiency in the funds shall be entertained in the upcoming budget.

    ECC granted extension of Government of Pakistan guarantee against credit facility of National Bank of Pakistan amounting to Rs5 billion in favor of Utility Stores Corporation of Pakistan.

    On the request of the Ministry of Water Resources ECC granted approval to WAPDA to raise loan for the settlement of the Financial Facility amounting to Rs17.500 billion with one-year tenure and GoP guarantee.

    Clearance under Prudential Regulations R-4(clause 1a and 2) from the State Bank of Pakistan to disburse the facility initially against a letter of comfort was also granted.