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Rs 17 billion financial package for PIA approved

The financial support package for national flag carrier was approved in the meeting of the Economic Coordination Committee (ECC), chaired by Finance Minister Asad Umar here Monday.

By Web Desk
November 12, 2018

ISLAMABAD: Rs 17 billion financial support package has been approved for Pakistan International Airlines, plagued by financial losses over the past years.

The financial support package for national flag carrier was approved in the meeting of the Economic Coordination Committee (ECC), chaired by Finance Minister Asad Umar here Monday.

The ECC also approved allocation of 10 million cubic feet per day (MMCFD) gas to Sui Southern Gas Company Limited and 12MMCFD gas to Sui Northern Gas Pipelines Limited from two gas fields, respectively.

The meeting also discussed overall economic situation of the country, besides, reviewing progress of vital sectors in the economy.                   

Last month in its report submitted by AGP revealed that due to absence of professional and experienced leadership, the national flag carrier incurred a loss of Rs360 billion by the end of 2017.

As per Audited financial statements of Pakistan International Airlines Corporation (PIAC), the accumulated losses as on December 31, 2008 was Rs72.353 billion which mounted to Rs360.117 billion as on December 31, 2017, says the AGP in its report submitted before the Supreme Court.