Rs 40 billion extra grant approved for defence services
Shares
The Economic Coordination Committee of the cabinet recently granted its approval for a technical supplementary allocation amounting to Rs40 billion. These funds have been earmarked to be utilized across a spectrum of projects within the defense services sector and for covering subsidies and assorted expenses during the current fiscal year.
The nod for this financial allocation was secured during a committee meeting held in Islamabad, presided over by Dr. Shamshad Akhtar, who is currently serving as the Caretaker Minister for Finance, Revenue, and Economic Affairs.
One significant aspect of this approval is that the allocated funds will not be disbursed all at once, but rather on a case-by-case basis. This approach allows for a more meticulous and controlled allocation of resources, ensuring that each project receives the necessary financial backing at the appropriate juncture.
Furthermore, during the extensive discussions and deliberations that took place within the committee, a pivotal decision was reached to establish a dedicated committee. This committee will be tasked with evaluating and formulating a comprehensive restructuring plan for Pakistan International Airlines (PIA). This move underscores the government's commitment to address the financial challenges facing PIA and to pave the way for its sustainable future.
To further bolster PIA's financial stability, it was agreed that both the Finance Division and the State Bank of Pakistan will extend their support.
This support will be contingent on the presentation of a concrete restructuring plan that satisfies the Committee's requirements. This collaborative approach aims to ensure that PIA can navigate its financial hurdles effectively and enhance its overall operational resilience.
