ECC expected to approve Rs60 billion bailout for PSO

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The Economic Coordination Committee (ECC) of the cabinet, which is meeting on Wednesday, is expected to approve a bailout of Rs60 billion for the state-run Pakistan State Oil (PSO). The bailout may prove to be a lifeline in the short run as the oil marketing giant is facing financial trouble and is on the verge of default because of all-time high receivables from different enterprises, including the power sector. Officials told The Express Tribune that the Ministry of Energy (Petroleum Division) had sent a summary to the ECC for immediate release of funds to clear dues of international fuel suppliers.