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The ECC meeting, led by Caretaker Federal Minister for Finance Dr. Shamshad Akhtar, was held today. During the meeting, the Aviation Division proposed extending financial assistance to Pakistan International Airlines Corporation Limited (PIACL) through the Civil Aviation Authority (CAA) to address the airline’s immediate financial needs.
After thorough discussions, the committee approved the Aviation Division’s proposal for bridge financing, utilizing CAA’s resources, totaling Rs. 8 billion. This funding is aimed at helping PIA address overdue payments. The ECC authorized the Aviation Division to proceed with the bilateral arrangement between CAA and PIA.
Read more : PIA Cancels 25 More Flights Due To Unpaid Fuel
The meeting was attended by various officials, including the Caretaker Minister for Privatization Fawad Hassan Fawad, Caretaker Minister for Planning and Development Sami Saeed, Adviser to the Prime Minister on Aviation Air Marshal Farhat Hussain Khan, Federal Secretaries, and other senior officials from relevant ministries.
Notably, Pakistan State Oil (PSO) had recently urged PIA to settle its outstanding dues to ensure uninterrupted fuel supply. The decision to limit fuel supply was prompted by PIA’s persistent failure to meet financial obligations, resulting in a significant accumulated debt of Rs. 26.8 billion.
Over the past ten days, the national flag carrier had to cancel more than 300 flights due to fuel shortages.
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