ISLAMABAD: The Economic Coordination Committee in a meeting on Monday approved a financial support package amounting to Rs17 billion for PIA \u2013 the country\u2019s national flag carrier. The meeting \u2013 chaired by Finance Minister Asad Umar \u2013 also gave a go-ahead to allocation of 10 million cubic feet per day (MMCFD) gas to SSGCL and 12MMCFD gas to Sui Northern Gas Pipelines Limited from two gas fields, respectively. It had been proposed earlier that the government provide a subsidy to the gas utility companies for supply to domestic consumers by injecting additional gas during the winter season, when the demand peaks. On the other hand, PIA has been plagued by financial losses over the past years, and has relied on the government\u2019s support at various times to continue operating. The airline accumulated losses of Rs356 billion with total liabilities amounting to Rs406 billion against assets of only Rs111 billion, it told the Supreme Court during a hearing of a suo motu case pertaining to its financial situation in June 2018. <\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD: The Economic Coordination Committee in a meeting on Monday approved a financial support package amounting to Rs17 billion for PIA \u2013 the country\u2019s national flag carrier. The meeting \u2013 chaired by Finance Minister Asad Umar \u2013 also gave a go-ahead to allocation of 10 million cubic feet per day (MMCFD) gas to SSGCL and […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-35088","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n