ECC approves Rs8bn bridge financing for PIAC
MG News | October 28, 2023 at 12:36 PM GMT+05:00
October 28, 2023 (MLN): The Economic Coordination Committee (ECC) on Friday approved the proposal for bridge financing worth Rs8 billion for Pakistan International Airlines Corporation (PIAC) through the Civil Aviation Authority's (CAA) resources to address urgent requirements related to overdue payments, as per a press release issued on the same day.
The Aviation Division tabled the proposal to provide financial support to PIACL through the CAA for certain emergent needs of the airline.
The ECC also 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 also chaired the meeting of the ECC of the Cabinet.
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