ISLAMABAD - Federal Minister for Finance & Economic Affairs, Dr Abdul Hafeez Shaikh on Monday discussed various financial matters of National Logistic Board with members of NLB.

Director General NLC gave a detailed presentation to the meeting, highlighting the key performance, budget requirements and other issues facing by NLB. He informed that currently NLC has paid all of its loans and liabilities and since 3rd July NLC has become a debt-free organisation. In the same way, NLB earned 11.2pc  net profit to revenue in 2011-12.

The Revenue and Capital Budget of NLB for FY 2012-13 was also presented in the meeting, which was approved with a guideline that NLC will make a good balance between realism and motivation and will not proliferate or unnecessarily exaggerate its projects. A detailed discussion was held on closure of joint ventured Karachi Financial Tower Project. NLB presented a settlement plan with its joint venture companies working on the said projects. Meeting discussed different aspects of settlement plan and decided to give in principle approval. However, NLB was asked to evaluate further on options for settlement.

The meeting was also discussed and approved the proposal of NLB regarding sale of Gwadar Port shares, sale of Blue Area Plot, Accounts for financial year 2009-10 and matters on already approved purchase of prime movers and agreement with KORAIL.

On the matter of paying Rs. 700 million to NLB for repair of Pakistan Railway Locomotive by Pakistan Railway, Finance Minister asked Secretary Finance to hold a separate meeting of Pakistan Railway, NLB and Finance Division Representative to resolve the issue.

The meeting also did a lengthy deliberation on the proposal of NLB regarding closure of joint venture agreement of NLC with other company on construction project in Qatar and to get full management and financial control of the said projects.

The Finance Minister approved one part of the proposal of QR 10 million to pay off liabilities of the company and to inject fresh capital to start work independently.

On the proposal to pay off QR 8.5 million to other company for closure of joint venture agreement with NLB, meeting decided that NLB should work further on different other aspects of financial arrangements with its joint ventured company.

The meeting also in principle approved the acquisition of Ultimate Building Machine from Military Engineering Services (MES) at a cost of Rs.250 million and  the cost of machine will be adjusted by MES on construction contracts, it offers to NLC.