Islamabad: The Economic Coordination Committee (ECC) of the cabinet has given the green light to provide Rs8 billion in funding to Pakistan International Airlines Corporation Limited (PIACL) through the Civil Aviation Authority (CAA).
The approval for this crucial funding came during an ECC meeting held under the chairmanship of Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar.
The main item on the meeting’s agenda was a proposal put forth by the Aviation Division, which aimed to secure financial support for PIACL via the CAA. The objective of this funding is to address the immediate and pressing financial needs of the national airline.
Following a comprehensive and in-depth discussion, the ECC decided to give the green signal to the Aviation Division’s proposal for bridge financing. This financial injection, totaling Rs8 billion, will be channeled through the resources of the CAA, with the specific purpose of aiding PIA in fulfilling its urgent financial requirements, particularly concerning outstanding payments.
Moreover, the ECC has granted authorization for the Aviation Division to proceed with the bilateral arrangement between the CAA and PIA, facilitating the disbursement of the approved funding.
The meeting was attended by high-ranking officials, including Caretaker Minister for Privatization, Fawad Hassan Fawad, Caretaker Minister for Planning and Development, Sami Saeed, Caretaker Adviser to the Prime Minister on Aviation, Air Marshal Farhat Hussain Khan, as well as federal secretaries and senior officials from relevant ministries.
