Govt borrows Rs 170 billion from local banks for power sector circular debts 7409 7735 PakRealEstateTimes.Com

Thread Rating:

0 Vote(s) - 0 Average
1
2
3
4
5

Threaded Mode | Linear Mode

Govt borrows Rs 170 billion from local banks for power sector circular debts

09-12-2009, 05:54 AM

Post: #1

Naveed Yaseen
Unregistered

Govt borrows Rs 170 billion from local banks for power sector circular debts

ISLAMABAD: The federal government is set to issue term finance certificates (TFC) – valued at Rs 89 billion – today (Saturday) to settle circular debts payable to power generation companies “once and for all”, said Finance Minister Shaukat Tareen on Friday.

The minister made the announcement while addressing the media after a meeting of the National Assembly Standing Committee on Finance. Tareen and Finance Secretary Salman Siddique said TFCs valued at Rs 80.7 billion had already been issued. They said that all the documentation was complete for the TFCs to be issued on Saturday, and 19 banks had agreed to provide Rs 89 billion in exchange for the certificates.

The interest rate for the TFCs would be KIBOR+200 points, to be taken on by the holding company established to deal with circular debts. This company would launch an offering, through the National Investment Trust (NIT), in the secondary debt market of the FTC loan. sajid chaudhry

http://www.dailytimes.com.pk/default.asp...009_pg7_32

« Next Oldest | Next Newest »

Possibly Related Threads...
Thread:		Author	Replies:	Views:	Last Post
	Pakistan’s Real Estate sector has $40 billion Investment Potential	LRE-Azan	0	572	09-20-2023 07:28 PM Last Post: LRE-Azan
	FGEHA Launched Residential Plots In Sector F-12, G-12 For Local And Overseas Pakistan	LRE-Azan	0	792	08-31-2023 07:13 PM Last Post: LRE-Azan
	Govt to Set Up Oil Refinery Worth Around $14 Billion: Minister	LRE-Azan	0	821	04-29-2023 06:13 PM Last Post: LRE-Azan
	Booming real estate sector contributes just Rs23 billion in taxes	LRE-Azan	0	4,336	08-16-2018 02:12 PM Last Post: LRE-Azan
	Work on Azadi Chowk Interchange, New Circular Road Project starts	Salman	0	8,674	01-16-2014 01:55 PM Last Post: Salman
	LDA Plans to Develop Residential Community on the Ravi banks	Salman	0	5,914	01-02-2014 01:33 PM Last Post: Salman
	PPP govt spent Rs 2,200 billion on 200 uplift projects	Salman	0	5,516	11-02-2012 04:55 PM Last Post: Salman
	Govt decides to construct flats for Federal officers in Sector I-12	Salman	0	5,492	05-10-2012 12:29 PM Last Post: Salman
	CM invites Turk investment for power generation sector	Salman	0	4,054	05-05-2012 12:21 PM Last Post: Salman
	1,000MW wind power projects: Sindh govt assures AEDB of allocating land for projects	Salman	0	6,593	04-24-2012 12:14 PM Last Post: Salman
	Govt urged to release funds for leather sector’s uplift	Salman	0	4,114	02-11-2012 12:39 PM Last Post: Salman
	Great potential lies for local, foreign investment’	Salman	0	3,988	12-28-2011 11:50 AM Last Post: Salman
	Financial strain in CDA: Housing up huge debts	Salman	0	3,969	12-08-2011 12:22 PM Last Post: Salman
	Pakistan provides investors friendly climate both for local and foreign investors: PM	Salman	0	4,022	11-30-2011 05:31 PM Last Post: Salman
	Govt releases Rs 11bn to clear circular debt	Lahore_Real_Estate	0	3,346	10-04-2011 01:19 PM Last Post: Lahore_Real_Estate
	SBP, Banks, SCI-Pak to develop network to address financial needs of SMEs	Lahore_Real_Estate	0	4,080	06-16-2011 12:08 PM Last Post: Lahore_Real_Estate
	Rs 115.25bn earmarked for power sector projects	Lahore_Real_Estate	0	3,653	06-04-2011 12:38 PM Last Post: Lahore_Real_Estate
	Made in Gujranwala expo to promote local SMEs	Lahore_Real_Estate	0	4,673	01-28-2011 12:05 PM Last Post: Lahore_Real_Estate
	Hajj Odyssey Part 2: Unbridled local economy of holy cities —By Saeed Minhas	Lahore_Real_Estate	0	4,374	12-09-2010 01:21 PM Last Post: Lahore_Real_Estate
	All banks to start pension disbursement from Jan 1	Lahore_Real_Estate	0	3,425	11-05-2010 01:19 PM Last Post: Lahore_Real_Estate

User(s) browsing this thread: 1 Guest(s)