Senate okays loan for restoration of rail engines

Economic Coordination Committee (ECC) of the Cabinet Tuesday gave go-ahead to provide guarantee for loan worth Rs 6.1 billion to be spent on the restoration of 96 rail engines.
Federal Finance Minister Dr Abdul Hafeez Sheikh presided over the ECC meeting.
The Senate body formed two separate committees to ponder over the bids to export 12 lakh tonnes of surplus wheat to Iran and funding of Pak-Iran Gas Pipeline project.
The meeting was apprised that Iran has already offered to make available $250 million for the gas pipeline project. Russia has also expressed interest in the project.
The Committee decided to provide imported urea to farmers at the rate of Rs 1600 per sack with government subsidy worth Rs 200 on each bag.