ECC decides to approve proposal of Aviation Division for bridge financing through CAAs resources amounting to Rs 8 biln for PIA

ISLAMABAD, Oct 27 (SABAH): The Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet on Friday.

The meeting was attended by the 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, Federal Secretaries, and other senior officers from relevant ministries. The meeting considered a single item agenda submitted by the Aviation Division.

The Aviation Division submitted a proposal for provision of financial support to PIACL through the Civil Aviation Authority for certain emergents needs of the airline.

After detailed discussion and deliberation, ECC decided to approve the proposal of Aviation Division for bridge financing through CAAs resources amounting to Rs 8 billion for PIA to meet emergent requirements related to overdue payments. The ECC allowed the Aviation Division to proceed with the bilateral arrangement between the CAA and PIA.