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Govt To Release Funds For Pakistan Machine Tool Factory

ISLAMABAD: Economic Coordination Council (ECC) on Monday decided to release Rs833 million for payments of salaries to Pakistan Machine Tool Factory (PMTF).

The decision was made during a high-level meeting chaired by Finance Minister Asad Umar.

The committee held discussions over provision of electricity and gas connections for special economic zones. Petroleum division was given deadline for next 30 days to devise plan for the SEZ facilities. It was decided that nine SEZs will be established in federal capital Islamabad and all four provinces under China-Pakistan Economic Corridor (CPEC).

Asad Umar was also briefed by commerce advisor and Board of Investment (BOI) regarding barriers in establishment of SEZs and recommended the finance minister to merge it with the country’s industrial policy.