ECC approves guarantee limits for PIACL

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ECC approves guarantee limits for PIACL

ISLAMABAD, Jan 18 (APP): The Economic Coordination Committee
(ECC) of the Cabinet Wednesday gave approval for enhancing the government of Pakistan’s guarantee limit for Pakistan International Airlines Corporation Limited (PIACL) by Rs 10.5 billion from Rs 151 billion to Rs 161.5 billion.
The meeting of the committee was Chaired by Finance Minister,
Senator Mohammad Ishaq Dar here.
The proposal for enhancing the guarantee limit was given by the Aviation Division in order to cater to the immediate financial needs of PIACL.
The ECC also decided to form a Committee to finalize a business plan for improving the financial and operational performance of PIACL on a sustainable basis, in coordination with PIA management.
The committee would be chaired by Ahsan Iqbal, Federal Minister for Planning and Development, and comprise Mohammad Zubair, Chairman Privatization Commission, Haroon Akhtar Khan, Special Assistant to Prime Minister on Revenue, Tariq Bajwa, Secretary Economic Affairs Division, and Irfan Elahi, Acting Chairman PIA/Secretary Aviation Division as its members.
The ECC also approved the proposal by Ministry of National Food Security and Research for the extension of time period for the export of surplus wheat and wheat products, from December 31, 2016 to March 15, 2017.
In view of the availability of surplus wheat stocks in the country, ECC also allowed the export of additional quantity of 400,000 tons of wheat and wheat products by Punjab and Sindh governments.
ECC also approved the disbursement of salaries for the month of October 2016 to the employees of Pakistan Steel Mills Corporation.