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ECC to Approve Extension in Government Guarantee

A two-year extension of the government guarantee for a loan of Rs 2.1 billion provided to Telephone Industries of Pakistan by the National Bank of Pakistan is likely to be approved by the Economic Coordination Committee (ECC) (NBP).

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The Ministry of Information Technology and Telecommunication is requesting an additional two years to repay the debt.

Earlier, the ECC established a committee to assess the plan and offer suggestions after examining a report provided by the IT ministry.

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Under the chairmanship of the minister of IT and telecom, the subcommittee convened and discussed a variety of ideas.

It was suggested that the sovereign guarantee provided by the government for Telephone Industries of Pakistan be prolonged by a further two years, from September 16, 2019, to September 15, 2021.

The delegate from the Finance Division offered some observations, stating that the statutory extension time for sovereign guarantees was already two years old.

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