Let’s examine the most recent development in PIA’s continuous quest for financial stability. An important step forward for Pakistan International Airlines (PIA) has been the granting of a lifeline of Rs 8 billion to the national airline to alleviate the pressing problem of past-due payments. This financial infusion is much needed, and it may help to ensure that PIA has a more stable and secure future. We’ll explore the specifics of this crucial lifeline, its ramifications for PIA, and its potential effects on Pakistan’s aviation sector as a whole in this article regards PIA Gets Rs 8 Billion Lifeline to Clear Overdue Payments Status.
PIA Gets Rs 8 Billion Lifeline to Clear Overdue Payments Status
PIA Gets Rs. 8 Billion Lifeline to Clear Overdue Payments
The meeting of the Economic Coordination Committee (ECC) of the Cabinet was chaired by Dr Shamshad Akhtar, the Caretaker Federal Minister for Finance. During the meeting, the Aviation Division presented a proposal to provide financial assistance to Pakistan International Airlines Corporation Limited (PIACL) through the Civil Aviation Authority (CAA) to address the urgent needs of the airline. After thorough discussion and consideration, the committee approved the proposal of the Aviation Division for bridge financing, amounting to Rs. 8 billion, to meet PIA’s immediate requirements regarding outstanding payments.
It is important to note that the national flag carrier has had to cancel more than 300 flights in the past 10 days due to fuel unavailability.
The Watchman of The Economic Coordination Committee (ECC) of the Cabinet met today, with Dr. Shamshad Akhtar, the federal minister for finance, revenue, and economic affairs, serving as the chair.
Federal Secretaries and other senior officers from relevant ministries attended the meeting, along with the Caretaker Minister for Privatization, Mr. Fawad Hassan Fawad, the Caretaker Minister for Planning and Development, Mr. Sami Saeed, and the Caretaker Adviser to the Prime Minister on Aviation, Air Marshal Farhat Hussain Khan. The Aviation Division filed a single item for consideration at the meeting. To bring back Pakistan International Airlines (PIA), the Economic Coordination Committee (ECC) once more authorized Rs. 8 billion in funding on Friday.
This important decision to provide financial support to the national airline was reached at the ECC meeting, which was presided over by acting Finance Minister Dr. Shamshad Akhtar. The money allotted is meant to help PIA with its problems and emergency requirements. The Civil Aviation Authority (CAA) will give PIA the much-needed financial support it needs to get through its current financial difficulties. The Aviation Division proposed to the Civil Aviation Authority to provide PIACL with financial help for some of the airline’s urgent requirements. The Aviation Division proposed to the Civil Aviation Authority to provide PIACL with financial help for some of the airline’s urgent requirements.
Following careful consideration, the ECC voted to approve the Aviation Division’s request for bridging finance using Rs. 8 billion in resources from the CAA to enable PIA to satisfy urgent needs about past-due payments. The bilateral agreement between the CAA and PIA was approved by the ECC for the Aviation Division to move forward with.