Telecoms to get $749 million-Treasury advance

Allocation will be used to cover extra-budgetary spending for 2012

The Ministry of Telecommunications is due to receive a Treasury loan of $749 million. The advance was allocated through a decree approved by Cabinet on June 14.

The amount part of the $6.8 billion-Treasury loans decree endorsed by Cabinet earlier this month.

The ministry will use the loan to cover expenses exceeding the ceiling allocated in the 2005 budget plan. The decree stated that the loan should be covered through the 2012 budget law once it is issued, otherwise, it should be covered through a special law.

Reported by Abeer Darwiche