“The ECC also approved the enhancement of existing approved guarantee, enabling PIAC to overcome its financial challenges,” stated the finance ministry. The Ministry of Finance’s statement lacked transparency, as it neither officially disclosed the sum of PIA bailout package nor it informed the public about the additional budget approved for the defence ministry. The money will be borrowed from commercial banks on the back of sovereign guarantees of the finance ministry. The money will be given in four quarterly tranches over and above the annual regular defence budget, according to finance ministry officials. The ECC approved Rs6 billion for meeting needs of the SSD-North zone.

Source: The Express Tribune September 16, 2021 03:22 UTC