A.Rafay
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PSM gets second tranche of bailout package
KARACHI: The ministry of finance has released the second tranche of the bailout package worth Rs5.40 billion to Pakistan Steel Mills of Rs14.6 billion approved in July, said officials of PSM, on Wednesday.
The National Bank of Pakistan (NBP) has received a letter from the ministry, asking the bank to open letters of credit worth Rs5.40 billion for the import of raw material.
Sources said that the PSM could avail only Rs1.20 billion of total Rs5.40 billion for the import of raw materials, as the bank would deduct its pending payments from the PSM. Moreover, the PSM would also clear its utility bills pending from the tranche.
Officials said that a ship carrying 55,000 tons coal was scheduled to arrive at the PSM by Thursday (today).
“This is the first shipment of raw material, which was imported from the first tranche of the bailout package received in August.”
KARACHI: The ministry of finance has released the second tranche of the bailout package worth Rs5.40 billion to Pakistan Steel Mills of Rs14.6 billion approved in July, said officials of PSM, on Wednesday.
The National Bank of Pakistan (NBP) has received a letter from the ministry, asking the bank to open letters of credit worth Rs5.40 billion for the import of raw material.
Sources said that the PSM could avail only Rs1.20 billion of total Rs5.40 billion for the import of raw materials, as the bank would deduct its pending payments from the PSM. Moreover, the PSM would also clear its utility bills pending from the tranche.
Officials said that a ship carrying 55,000 tons coal was scheduled to arrive at the PSM by Thursday (today).
“This is the first shipment of raw material, which was imported from the first tranche of the bailout package received in August.”