PDM govt decides to privatise loss-making PIA

• ECC also okays continuation of prime minister's relief package.
• The meeting instructs not to increase the prices of flour. 
• It also approves tariff rationalisation for K-Electric.

In a major development, the Economic Coordination Committee (ECC) of the cabinet on Monday gave its nod to the privatisation of loss-making Pakistan International Airlines (PIA).

The decision was made during a meeting of the ECC held with Finance Minister Ishaq Dar in the chair.

According to a declaration issued by the ECC, "After deliberation decided to include Pakistan International Airlines Co. Ltd (PIACL) in the list of active privatisation projects of the ongoing privatisation programme, following an amendment in the law by the parliament."

The committee also gave its approval to appoint a finance adviser for the privatisation of the Roosevelt Hotel in New York, read the statement.

The ECC also approved the continuation of the prime minister's relief package for five essential items on subsidised rates through Utility Stores Corporation from this August to 30th June next year.

The meeting issued the directive that there shall be no increase in the price of flour (atta).

The ECC also approved changes in the incentives schemes of the State Bank of Pakistan (SBP) to improve the inflow of remittances and get optimal remittance inflow through formal channels.

It also approved tariff rationalisation for K-Electric through adjustments applicable on the consumption of April, May, and June this year to be recovered from consumers in three months (July, August, and September 2023), respectively.

In addition to this, the body approved amendments in the contract with TAVANIR Iran for the extension of power tariff for the existing supply of 104MW, negotiating tariff for additional supply (Polan-Gabd) and tariff agreed for additional supply of 100MW through Polan-Gabd Transmission Line from 16th March this year to 31st December next year.

Approval was also accorded to a Rs3 billion technical supplementary grant in favour of the Ministry of Information and Broadcasting for Prime Minister's Health Insurance Scheme for Media Workers, Journalists and Artists and Film Finance Fund.

Another technical supplementary grant worth Rs500 million was also approved in favour of the Ministry of Defence for the security-related requirements during fiscal year 2023-24.      

— With additional input from Radio Pakistan.