ISLAMABAD: The federal cabinet has approved the payment of Rs82 billion to the Oil and Gas Development Company Limited (OGDCL) to repay a 12-year-old loan.
The Ministry of Electricity’s Power Holding Limited had borrowed the amount from OGDCL in 2012. Interest on loan will also be paid. According to government sources, the purpose of the loan funds was to pay the dues of power companies and settle the inter-corporate circular debt of the power sector.
Sources say the Ministry of Finance had given a guarantee of the financing facility on behalf of the President of Pakistan. The federal government later converted the financing facility of OGDCL into a government loan and allocated Rs82 billion in the budget of the current financial year.
Masood Khan has been serving as ambassador to Washington since February 2022
Deputy PM Foreign Minister Senator Ishaq Dar meets US Ambassador to Pakistan Donald Blome in this image released on...
David Plouffe, who managed Barack Obama’s 2008 presidential campaign, told network: “It’s kind of a Defcon 1...
IRS BS-20 officer Nadeem Bashir has been appointed as Director Staff Accountant on deputation to NDU Islamabad for...
Vawda and Kamal have realised that words they used were inappropriate
Chinese policymakers have struggled to reignite growth since end of strict Covid-19 health curbs in late 2022
