The Economic Coordination Committee of the cabinet recently granted itsapproval for a technical supplementary allocation amounting to Rs40billion. These funds have been earmarked to be utilized across a spectrumof projects within the defense services sector and for covering subsidiesand assorted expenses during the current fiscal year.
The nod for this financial allocation was secured during a committeemeeting held in Islamabad, presided over by Dr. Shamshad Akhtar, who iscurrently serving as the Caretaker Minister for Finance, Revenue, andEconomic Affairs.
One significant aspect of this approval is that the allocated funds willnot be disbursed all at once, but rather on a case-by-case basis. Thisapproach allows for a more meticulous and controlled allocation ofresources, ensuring that each project receives the necessary financialbacking at the appropriate juncture.
Furthermore, during the extensive discussions and deliberations that tookplace within the committee, a pivotal decision was reached to establish adedicated committee. This committee will be tasked with evaluating andformulating a comprehensive restructuring plan for Pakistan InternationalAirlines (PIA). This move underscores the government’s commitment toaddress the financial challenges facing PIA and to pave the way for itssustainable future.
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To further bolster PIA’s financial stability, it was agreed that both theFinance Division and the State Bank of Pakistan will extend their support.
This support will be contingent on the presentation of a concreterestructuring plan that satisfies the Committee’s requirements. Thiscollaborative approach aims to ensure that PIA can navigate its financialhurdles effectively and enhance its overall operational resilience.
