Restructuring of PIA sanctioned

ISLAMABAD - The government on Tuesday approved multibillion rupees operational and debt restructuring plan for ailing Pakistan International Airlines (PIA), asking it to submit the business plan.

The Economic Coordination Committee (ECC), which met under the chair of Finance Minister Syed Naveed Qamar, approved the summary of the Ministry of Defence for operational restructuring of PIA. It directed the Airline to present Business Plan in the next ECC meeting. The ECC also cleared a summary for approval of joint management of Heavy Mechanical Complex by the Ministry of Industries and Strategic Planning Division.

The ECC endorsed the proposal of Ministry of Industries regarding Pakistan Stone Development Company to arrange a loan amounting to Rs 400 million from the banking sector on market rate with a government guarantee that would be used for the development of marble cities.