The federal cabinet’s Economic Coordination Committee (ECC) has authorized the use of Rs8 billion in bridging funding from the Civil Aviation Authority (CAA) to address Pakistan International Airlines’ (PIA) cash-strapped emergency needs.
In order to keep the airline afloat, the CAA requested financial assistance of Rs. 25 billion on an urgent basis and the restructuring of outstanding loans for the following six months in its summary that was given before the ECC.
The sources revealed on Saturday that the caretaker administration continued to make rash judgments, authorizing just Rs8 billion in bridging financing from CAA resources to meet the national flag carrier’s emergency needs.
“This urgent requirement for Rs. 8 billion will only assist in covering Malaysia’s primary payment needs.”
