ECC approves Rs25 billion to address liquidity constraints to PSO – Latest News – The Nation

ISLAMABAD – The Financial Coordination Committee (ECC) of the Cupboard on Friday has authorized Rs25 billion to address liquidity constraints to PSO for fending off fast disruption in LNG & Oil provide chain.
Federal Minister for Finance and Earnings Mr Shaukat Tarin presided over the assembly of Financial Coordination Committee (ECC) of the Cupboard. The ECC authorized Rs828 million as supplementary grant in favour of Ministry of Knowledge Generation and Telecommunication for Particular Conversation Organisation.
Holding in thoughts the present commodity marketplace value development in addition to the desire for import of LNG, diesel and motor spirit from March 2022 to June 2022, the ECC authorized Rs25 billion as supplementary grant in favour of Petroleum Department to address liquidity constraints to PSO for fending off fast disruption in LNG & Oil provide chain.
In accordance to the officers, the PSO, going through monetary constraints, had sought Rs50 billion from the federal government right away to avert the POL availability disaster within the nation. The PSO’s round debt has greater to Rs460.38 billion. The PSO has to import 5 cargoes of motor gas in April, seven cargoes of diesel, 3 cargoes of furnace oil and 7 LNG cargoes. In accordance to the file, the uphill process for PSO is to cater to the rustic’s necessities in April. The liquidity disaster of the entity has greater manifold owing to which it’s not able to cater to the power wishes of the rustic except an quantity of Rs50 billion is paid to PSO. The newest knowledge in regards to the receivables and payables place of PSO displays that the receivables of PSO have greater by means of Rs17 billion in a single month to a staggering Rs460.381 billion in March from Rs443.8 billion in February 2022. And the payables of PSO have greater to Rs122.793 billion.
Adviser to PM on Trade and Funding Mr Abdul Razak Dawood, Federal Secretaries, Governor SBP, and different senior officers attended the assembly.

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