ISLAMABAD: Restructuring Plan of worth 18 billion rupees for the Pakistan Steel Mill (PSM)has been approved by Economic Coordination Committee of the Cabinet (ECC) on Friday.
The ECC meeting was held in the chair of Finance Minister Ishaq Dar in Islamabad.
The restructuring plan aims at achieving 77% capacity of the PSM till June next year.
The other decisions which were taken in the meeting included to impose 25% regulatory duty on export of potato with effect from 5th of next month.
There will be zero duty and levy on import of potato from 5th of next month till 31st of July this year. The decision will help in bringing potato prices at normal level in the market before and during coming Ramadan.
The ECC principally decided allowing Utility Stores Corporation to get sugar directly from the domestic sugar mills without the involvement of the Trading Corporation of Pakistan (TCP).
The Finance Ministry will provide credit line assistance to the USC.
The TCP was instructed to sustain their stocks up to 50,000 tons in future and to supply their over and above stocks to the Corporation from the current inventory of around 200,000 tons.