ECC approves financial restructuring of HEC

Pakistan

ECC approves financial restructuring of HEC

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Economic Coordination Committee (ECC) of the cabinet also seeks government guarantees for PIA loans

08 March,2011 11:01 pm

The Economic Coordination Committee (ECC) of the cabinet on Tuesday approved financial restructuring of Heavy Electrical Complex (HEC) and the government guarantees for PIA loans. The Privatisation Commission requested the ECC to convert the loan availed by HEC into government equity before its privatisation.Federal Minister for Food and Agriculture Mir Israrullah Zehri told the committee that wheat production target was 25 million tonnes this year while its overall consumption was fixed at 21.7 million tonnes. The government will purchase 6.5 million tonnes, he said. The ECC has constituted a committee comprising the federal and the provincial agricultural ministers to fix strategic reserves and a wheat procurement target. The ECC also asked the ministry for food and agriculture to review the proposal for curtailing the strategic reserves of wheat from 3 to 1 million tonnes.