Business
ECC approves bridge financing through CAA's resources for PIA
The ECC allows the Aviation Division to proceed with the bilateral arrangement between the CAA and PIA.
Islamabad: The Economic Coordination Committee of Cabinet has approved bridge financing through Civil Aviation Authority's resources worth 8 billion rupees for PIA to meet emergent requirements of the airline related to overdue payments.
The approval was granted at a meeting of the ECC held in Islamabad today, with Caretaker Minister for Finance, Revenue and Economic Affairs Dr. Shamshad Akhtar in the chair.
The Aviation Division had submitted the proposal for provision of financial support to PIA through the Civil Aviation Authority.
The ECC allowed the Aviation Division to proceed with the bilateral arrangement between the CAA and PIA.