ISLAMABAD: The Economic Coordination Committee (ECC) on refused to issue the grand of Rs 3 billion to Pakistan Steel Mills to pay off loans of Sui Southern Gas Company (SSGC).
The decision was taken in a meeting of the ECC presided over by the advisor on Finance Hafeez Sheikh as the meeting directed the PSM to pay off liabilities to SSGC from resources available.
ECC said that PSM has already been issued the funds of Rs 4.2 billion while it extended the deadline to pay off the loan of Rs 5 billion to Utility Stores.
ECC has approved 8-member committee to review Tapie Gas Pipe Line project that will be consisted of on the representatives from energy, finance and gas companies.
ECC has also approved Rs 1 billion funds for the Pakistan Tourism Development and Endowment and getting Rs 38 billion loans from Habib Bank.