ISLAMABAD: Restructuring Plan of worth 18 billion rupees for the Pakistan Steel Mill (PSM)has been approved by Economic Coordination Committee of the Cabinet (ECC) on Friday.
The ECC meeting was held in the chair of Finance Minister Ishaq Dar in Islamabad.
The restructuring plan aims at achieving 77% capacity of the PSM till June next year.
The other decisions which were taken in the meeting included to impose 25% regulatory duty on export of potato with effect from 5th of next month.
There will be zero duty and levy on import of potato from 5th of next month till 31st of July this year. The decision will help in bringing potato prices at normal level in the market before and during coming Ramadan.
The ECC principally decided allowing Utility Stores Corporation to get sugar directly from the domestic sugar mills without the involvement of the Trading Corporation of Pakistan (TCP).
The Finance Ministry will provide credit line assistance to the USC.
The TCP was instructed to sustain their stocks up to 50,000 tons in future and to supply their over and above stocks to the Corporation from the current inventory of around 200,000 tons.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription