ECC approves Rs8 b bridge financing for PIA

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved a Rs. 8 billion bridge financing package for Pakistan International Airlines (PIA) on Friday, ARY News reported.

The financing will be provided through the Civil Aviation Authority’s (CAA) resources to meet PIA’s urgent overdue payment obligations.

The ECC allowed the Aviation Division to proceed with the bilateral arrangement between the CAA and PIA.

The Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over the meeting, according to news statement issued by the finance ministry.

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

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.