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ECC approves fresh borrowing of Rs50b to pay circular debt

 Posted on Posted on MAY 25, 2018 12:00 AM

ISLAMABAD: The federal government quietly approved on Thursday another loan of Rs50 billion from commercial banks to retire circular debt in the power sector, taking total bank borrowings to Rs230 billion in two months to manage liquidity. The decision was taken just one week before the tenure ends of the current government that failed to address the power sector’s bottlenecks despite declaring it as its top priority. The ruling Pakistan Muslim League-Nawaz (PML-N) party also lost the opportunity provided by low crude oil prices and did not undertake reforms in the sector. Pakistan needs to watch out as CPEC-related debt soars Headed by Prime Minister Shahid Khaqan Abbasi, the Economic Coordination Committee (ECC) of the cabinet agreed on borrowing Rs50 billion as syndicated term finance facility through Power Holdings Private Limited (PHPL) – a subsidiary of the Ministry of Energy, according to officials at the Prime Minister’s Office. The PM Office did not release any statement after the ECC meeting.(TRIBUNE NEWS)

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