Tuesday, September 21, 2021

ECC approves $130 million cash support for PIA

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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved US$130 million cash support for Pakistan International Airlines (PIAC).

A decision to this effect was taken at the ECC meeting, which was held in Islamabad today with Finance Minister Shaukat Tarin in the chair.

The ECC was informed that the airline has experienced a significant decline in revenues and cash flows due to pandemic and unprecedented travel bans/lockdowns imposed by various countries. Moreover, the ECC also approved the enhancement of the existing approved guarantee enabling PIAC to overcome its financial challenges.

Economic Coordination Committee also approved the provision of 300,000 metric tonnes of wheat to Azad Jammu and Kashmir.

The provision of wheat will be at the ratio of 80/20 as a mixture of local and imported stock.

ECC also approved 3.86 billion rupees in favour of the Revenue Division (FBR) as a bridge financing facility to upgrade IT infrastructure in view of increased frequency and severity of cyber-attacks to ensure elimination of risk to taxpayers data.

The forum approved the provision of 70 MMG RLNG to SNGPL based plants during Rabi season 2021-22. It further directed to consider the possibility to import urea (if needed) to maintain buffer stocks.

Speaking on the occasion, the minister said, “PTI government is firmly committed to stabilize prices of wheat and ensure its smooth supply at affordable prices across the country”.

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