Government to issue TFCs

ISLAMABAD: Federal Ministry of Finance Wednesday commenced settling issues related to Circular Debt and the government would issue Term Finance Certificates (TFC) in this connection.According to sources, the over all costs of the certificated, to be issued, will range from Rs.75 billion to Rs.85 billion.The banks will provide loans to provincial governments, oil refineries, independent power producer companies, oil marketing companies and WAPDA in exchange of these term finance certificates.Federal Minister for Finance allowed issuance of TFC in a bid to resolve the issues involved with the Circular Debt.