Cabinet body rejects PIA’s demand for aid

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Cabinet body rejects PIA’s demand for aid

Postby Spearhead Research » Fri Oct 21, 2011 1:04 pm

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Cabinet body rejects PIA’s demand for aid

The Cabinet Committee on Restructuring of the Public Sector Enterprises constituted by the Prime Minister Thursday rejected the Pakistan Airlines Corporation (PIA)'s demand for injecting financial assistance to the airlines immediately.

The Cabinet Committee on Restructuring of Public Sector Enterprises met here under the chairmanship of Federal Minister for Finance and Economic Affairs, Dr. Abdul Hafeez Shaikh. The meeting discussed at length the strategic restructuring plan of PIA with special reference to injecting financial assistance to the airline in line with the government's vision of growth.

However, the meeting decided that the injection of finance in the airline should further be discussed in detail in the coming meeting of the CCOR next week. The meeting also deliberated on fuel cost savings, and induction of new aircrafts into the fleet of the airlines with reference to the fleet renewal plan.

The Federal Minister while presiding the meeting observed that the losses to the airline cannot be filled until the cost is controlled and in this regard he stated that the low-cost passengers of the airline is also the issue which is causing loss to the airline. He stressed upon the revamping of the financial and operational sectors, which are needed to be identified and rectified.

The meeting among others was attended by the Federal Ministers for Petroleum and Natural Resources, Privatization, Defence, and Secretaries Finance, Defence alongwith Deputy Chairman Planning Commission and Managing Director Pakistan International Airlines Corporation and its financial and operational high officials.

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