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ECC Favors $130 million Cash Support for PIAC

The Economic Coordination Committee (ECC) of the Cabinet approved $130 million in monetary assistance for Pakistan International Airlines in Islamabad (PIAC).

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The Minister for Finance and Revenue presided over the ECC meeting at which the Aviation Division’s request for funding support from PIAC was approved.

The ECC was informed that the airline has witnessed a considerable drop in revenues and cash flows as a result of the epidemic and unprecedented travel bans/lockdowns imposed by numerous nations. In addition, the ECC approved the expansion of the current approved guarantee, allowing PIAC to overcome its financial difficulties.

The Ministry of Commerce provided a summary addressing the repeal of the minimum export price (MEP) conditions on the export of surgical tools, with the exception of “single-use” surgical instruments. After debate, the ECC voted in favor of amending the Export Policy Order of 2020 to remove the condition of MEP in order to make our exports more competitive on the worldwide market.

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The Ministry of National Food Security and Research presented a summary to the conference about the provision of wheat from PASSCO stock to AJ&K during the fiscal year 2021-22. The ECC approved the provision of 300,000 metric tons of wheat (in total) to AJ&K as a mix of local and imported stock in the proportion of 80/20.

The ECC also granted Rs. 3,860 million for the Federal Board of Revenue (FBR) as a bridge financing facility to modernize Information Technology (IT) infrastructure in light of the rising frequency and severity of cyber-attacks in order to eliminate the risk to taxpayers’ data.

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