ECC approves Kamyab Pakistan loans, sugar imports

The Economic Coordination Committee (ECC) has approved the Kamayab Pakistan Programme (KPP) to grant Rs3.7 trillion small loans to severn million families.

The ECC has also approved the import of 50,000 tons of sugar and payment of salaries to the Steel Mills workers.

The committee met on Thursday to consider an eight-point agenda. Finance Minister Shaukat Tareen presided over the meeting.

The committee approved Kamyab Pakistan program, which has already been given a go ahead by the IMF. The program will be launched by the end of September.

In the first phase, the program will be launched in Balochistan, KP, Azad Kashmir and Gilgit-Baltistan. The program will also be launched in the backward districts of Sindh and Punjab.

The ECC approved the import of 50,000 tons of sugar, which will be imported in three stages.

In addition, the committee approved funds for the establishment of centres for the Frontier Constabulary and Pakistan Armed Forces on the summary of the Ministry of Defense.

The Economic Co-ordination Committee allowed payment of salaries to Pakistan Steel Mills employees and the release of funds from the budget of Rs11 billion allocated for steel mills.

According to the Ministry of Industries, the transaction structure for the maintenance of the Pakistan Steel Mills has already been approved and the payment of monthly salaries will continue till the implementation of the project.

Since June 2015, 5,022 employees of Pakistan Steel Mills have resigned through the voluntary scheme.

Investors have been invited to express interest. The Pakistan Steel Mills will be rehabilitated and privatized through private investment.


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