ISLAMABAD: The Economic Coordination Committee, on Friday, approved a Rs20-billion bailout package for Pakistan International Airlines (PIA) – the fifth of its kind in a year and a half.
According to an announcement made by the Prime Minister’s Office, the Economic Coordination Committee (ECC) approved the bailout so PIA could meet expenditures for the overhaul of aircraft engines. Prime Minister Shahid Khaqan Abbasi chaired the ECC meeting.
PM Abbasi also directed the Aviation Division and the Finance Ministry to ensure that the approved financing support was utilized strictly for the defined purpose.
The Chief Executive Officer of PIACL briefed the meeting about the progress made so far in the efforts to improve the national flag carrier and to reduce its losses.
The ECC approved the supply of 35,000 metric tons of wheat from PASSCO to the World Food Programme for distribution among the Temporarily Displaced Persons of FATA.
The meeting also approved a proposal to introduce necessary amendments in the OGRA Ordinance 2002 to cover the entire LNG/RLNG supply chain in the OGRA regulatory framework and to remove anomalies in the dispatch, receipt and billing of RLNG volumes.
The body also approved, in principle, the exemption of regulatory duties on import of fresh fruits, vegetables and dry-fruits from Afghanistan; this announcement was made by the prime minister during his visit to Afghanistan.
