A meeting of the Economic Coordination Committee (ECC) will take place today (Tuesday) to discuss a six-point agenda, including the government support required by PIA.
Finance Minister Asad Umar will chair the meeting.
According to sources, PIA is in a serious financial crisis as it failed to pay outstanding dues of Rs17.3 billion to Pakistan State Oil (PSO). The aviation division will brief the committee on PIA’s overall position and developments regarding the restructuring plan. The ECC is likely to approve financial support for the national flag carrier.
Approval of necessary amendments and exemptions for the Gwadar port and Gwadar free economic zone is also included in the agenda. A summary prepared by the maritime affair division will be presented before the committee.
The petroleum division will present a summary to the ECC regarding new criteria for the issuance of petroleum product marketing licenses as well as a separate summary on the Machike-Tarujabba oil pipeline project.
The oil pipeline project will transport dual oil products including diesel and petrol to the upcountry.
A plan for improvement in the cotton crop in the kharif season of 2019 will also be presented during the meeting by the national food security and research division.