ECC okays additional guarantee of Rs5.6bn for PIA
ISLAMABAD: The Economic Coordination Committee (ECC) meeting on Tuesday approved an additional guarantee of Rs6.5bn for Pakistan International Airline.
The financial support package for the country’s national flag carrier was approved during the ECC meeting held in Islamabad with Finance Minister Asad Umar in the chair.
The funds would be spent for maintenance of engines acquisition of related spares to put into operation the grounded planes.
The ECC meeting also discussed different proposals for the revival of agriculture sector and decided to collaborate with China to enhance cotton yield.
The meeting also decided to give more attention on the areas of research and development.
Earlier, Prime Minister Imran Khan, on February 6, had directed officials to devise a business plan to transform the Pakistan International Airline (PIA) into a profit-making body and furnish the plan in this regard by March end.
He had issued these directives during a meeting with Federal Minister for Privatisation and Aviation Muhammad Mian Soomro. Finance Minister Asad Umar and chief executive officer of PIA, Air Marshal (retd) Arshad Mahmood Malik were also present.
PM Khan had said the privatization of PIA wasn’t in the manifesto of the Pakistan Tehreek-e-Insaf (PTI), hence reforms were required to prevent national carrier from plunging into financial crisis.