Economic Coordination Committee has approved the proposal to issue a letter of comfort in favour of Pakistan State Oil for raising a loan facility of 50 billion rupees on urgent basis.

The approval was accorded in Economic Coordination Committee's meeting presided over by the Minister for Finance and Revenue Miftah Ismail in Islamabad.

Earlier, in the ECC meeting last month, it was discussed to arrange a government guarantee loan to ease out liquidity issues of PSO.

The ECC also approved Government of Pakistan's guarantee for financing facility of 142 million US dollars as loan in accordance with facility agreement between Roosevelt Hotel Corporation and the National Bank of Pakistan.

In order to remove disparity in the prices of imported and locally manufactured Urea, the ECC approved the proposal that Dealer Transfer price of 50 kg imported Urea may be revised upward at 1805 rupees per bag by National Fertilizer Marketing Limited.

The ECC further directed to fix the Urea pricing and dealer margin in future with prior approval of the ECC.