Bank borrowing being made to settle power-sector circular debt
The government on Friday approved the issuance of a Letter of Comfort in favour of banks to meet the condition for disbursement of a loan of Rs1.23 trillion obtained for the settlement of circular debt, taking responsibility in case the cash-starved power sector fails to repay the debt.
In another decision, the Economic Coordination Committee (ECC) of the cabinet, which met under the chairmanship of Finance Minister Muhammad Aurangzeb, approved an arrangement for waiving Rs120 billion in late payment interest the Pakistan Atomic Energy Commission (PAEC) owed to its fuel suppliers.
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