Thursday, April 9, 2020  | 15 Shaaban, 1441
Samaa TV
Facebook Twitter Youtube
HOME > Economy

Government saves PIA from crash landing with Rs17b bailout package

SAMAA | - Posted: Nov 12, 2018 | Last Updated: 1 year ago
SAMAA |
Posted: Nov 12, 2018 | Last Updated: 1 year ago
Government saves PIA from crash landing with Rs17b bailout package

Economic Coordination Committee approved the package

The government has saved the national airline from crash landing with a Rs17.2 billion bailout package.

The decision was approved by the Economic Coordination Committee on Monday. Finance Minister Asad Umar chaired the meeting.

Related: It isn’t rocket science: The Supreme Court wants official correspondence to verify pilots’ degrees

On October 18, Aviation Secretary Mohammad Saqib Aziz said that PIA has been suffering operational losses worth Rs2 billion every month. These losses are in addition to other liabilities, such as bank loans. He said that the loss was a result of the increase in fuel prices, rupee depreciation and overstaffing.

Moreover, the committee has agreed to provide additional gas to Sui Southern and Northern companies.

Related: PIA flight skids off the runway in Balochistan’s Panjgur

Gas companies will be provided with an additional 22 million cubic feet per day; of which Sui Southern will get 10 million cubic feet of gas, while Sui Northern will get 12 million cubic feet.

The decision on the approval for gas load management for winters has yet to be approved.

FaceBook WhatsApp
 
HOME  
 
 
RELATED STORIES
 

Tell us what you think:

Your email address will not be published.

FaceBook WhatsApp
 

 
 
 
 
 
Coronavirus, COVID-19, Global Crises, Economy, Isolation, Quarantine, Lockdown
 
MOST READ
MOST READ
 
 
 
 
 
About Us   |   Anchor Profiles   |   Online Advertising   |   Contact Us   |   Feedback   |   Apps   |   FAQs
Facebook   |   Twitter   |   Instagram   |   YouTube   |   WhatsApp