ECC approves 2.9 billion rupees’ bailout package for Pakistan Steel

Staff ReportISLAMABAD: The Economic Coordination Committee (ECC) has approved 2.9 billion rupees’ bailout package for financial troubled Pakistan Steel Mills, SAMAA reports.An eight hour-long meeting of the ECC meeting was held under Finance Minister Ishaq Dar in Islamabad on Saturday to mull over different key financial issues.The meeting approved a bailout package of 2.9 billion rupees for Pakistan Steel Mills to rid it from its financial crunch.The ECC also decided that Pakistan Steel Mills will remain a state owned enterprise but a strategic partner will be traced for its administrative control.Federal regime will pay two months’ outstanding salaries of Pakistan Steel’s workers and this bailout amount will be released in three installments.The national exchequer will release 1.5 billion rupees during September, 0.7 billion rupees in October, and last installment of 0.7 billion rupees in November for Pakistan Steel Mills. SAMAA