The Economic Coordination Committee (ECC) of the Cabinet approved the restructuring measures of Pakistan International Air (PIA) and recommended the same to be submitted to the Federal Cabinet.
According to APP News Agency report, the meeting of the Cabinet Economic Coordination Committee was held under the chairmanship of Federal Minister of Finance Hamad Azhar, where other ministers were also present.
According to the statement, PIA’s revitalization plan includes the Voluntary Separation Scheme (VSS), the onboarding of expert aviation services, fleet innovation, route rationalization, product development and measures to increase productivity.
The ECC also approved a number of supplemental technical grants at the meeting, regarding pensions and responsibilities of existing power plant employees to be closed immediately as per the Cabinet Energy Committee’s decision A one-time grant summary for GENCOs was presented for the payment of concessions.
ECC after seeking the views of all stakeholders in this regard, directed the Energy Division to further review the rationalization of pension liabilities and present various suggestions to the committee.
At the ECC meeting, the Aviation Division presented a summary of the plan for the restructuring of Pakistan International Airlines Corporation Limited.
The ECC recommended that the PIA restructuring plan be submitted to the Federal Cabinet for approval. The committee agreed that in future PIA can take loans for better managment of the balance sheet and implementation of the revival plan.
The meeting also decided to reimburse Rs. 33 crore for the Ministry of Defense for aircraft maintenance and rehabilitation.
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