ECC approves special bailout package for PIA
Cabinet committee also gives go-ahead to new provisional business package.
Cabinet committee also gives go-ahead to new provisional business package. PHOTO INP
ISLAMABAD:
The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved a special bailout package and a provisional business plan for the Pakistan International Airlines (PIA).
The decision was taken during an ECC meeting, headed by newly-appointed Finance Minister Saleem Mandviwalla, in Islamabad.
The committee also approved extension of all expiring government guarantees as requested by the national carrier.
Minister of Defence Syed Naveed Qamar, Secretary Defence and Chairman PIA Asif Yasin Malik, Managing Director PIA Muhammad Junaid Yunus and Chief Financial Officer PIA Aftab Ahmed were present during the meeting.
New aircraft
PIA spokesperson, in a statement, said the airline will acquire new narrow body aircraft on dry lease.
The purchase is aimed at improving its schedule reliability as well as to save on fuel costs.
The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved a special bailout package and a provisional business plan for the Pakistan International Airlines (PIA).
The decision was taken during an ECC meeting, headed by newly-appointed Finance Minister Saleem Mandviwalla, in Islamabad.
The committee also approved extension of all expiring government guarantees as requested by the national carrier.
Minister of Defence Syed Naveed Qamar, Secretary Defence and Chairman PIA Asif Yasin Malik, Managing Director PIA Muhammad Junaid Yunus and Chief Financial Officer PIA Aftab Ahmed were present during the meeting.
New aircraft
PIA spokesperson, in a statement, said the airline will acquire new narrow body aircraft on dry lease.
The purchase is aimed at improving its schedule reliability as well as to save on fuel costs.