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For maintaining of aircraft Rs330m has approved

In Islamabad, while accepting its dip for ascribing off twenty-five percent workforce three thousand and five hundred through Voluntary Separation Scheme, the Economic Coordination Committee of Cabinet Wednesday accepted reorganization scheme of 457 billion Rs for money bleeding Pakistan International Airlines.

The meeting accepted 330 million for the Ministry of Defense for the preservation of airship. This reorganization scheme for Pakistan International Airline will be applied after obtaining consent from the federal cabinet. The Economic Coordination Committee conducted the concerned authorities to greater tune the reorganization scheme and placates features before conferring before the cabinet.

Pakistan International Airlines needed 13 billion from the Govt. of Pakistan for applying VSS in sequence to notice around twenty-five percent of a total staff of 1400 in number. Working employees will be pleased under the reorganization scheme.

When met with the Adviser to the Prime Minister of Pakistan on departmental reorganizes Dr Ishart Hussai stated the Pakistan International Airlines reforming scheme would change the whole amount of loan of five hundred and seven billion rupees into equity. Furthermore, books adjustment would be completed in an astonishing way to clean the balance sheet of Pakistan International Airlines. He remarked that the Pakistan International Airline balance sheet was bleak. Therefore, it needs a reorganization scheme on a rapid basis.

He stated that there would no money hype. Furthermore, the credits and liabilities would be changed into fairness. Therefore, the same would be completed with Pakistan International Airlines to drive the national flag conveyor run in a decent way.

The Economic and Coordination Committee which held its conference under the seat of chairmanship of Minister for Finance and Revenue Hammad Azhar was guided on Wednesday by a yielded summary from Civil Aviation Authority. The total reduction of Pakistan International Airlines swelled to four hundred and fifty seven billion rupees as including Gop guaranteed loans of above thirty hundred billion.

The Pakistan International balance sheet additional revealed that dues to Pakistan State Oil at sixteen point four billion rupees to Civil Aviation Authority  Eighty six point seven billion rupees, tax liabilities around fifteen billion rupees. On the whole, Total dues to various government departments stood around one hundred and eighteen billion.

Overall, the losses of Pakistan International Airlines stood around four hundred and sixty billion rupees. Now the Economics and Coordination Committee accepted that GOP guaranteed loan of around two hundred billion rupees will be exchanged into equity at this outstanding amount will be reimbursed.

The outstanding credits from GoP to the tune of fifty five billion Rs will be resolved as book entry and credits on Pakistan International Airlines balance Sheet of fifty three billion rupees will reimburse as an action scheme.  The dues to government departments to the adapt of one hundred and eighty billion rupees will be resolved subject to approval between Civil Aviation Authority, Pakistan State Oil and Federal Board of Revenue to yield as accounts. The VSS cash of around thirteen billion rupees has already been accepted by the government.

After the meeting of the Economic and Coordination Committee by the Finance Ministry announced the statement, The Aviation Division received a summary before the ECC relative’s reorganization scheme of Pakistan International Airlines Corporation Limited. The adviser to the Prime Minister on departmental refines and acerbity made a comprehensive on human resource and operational reorganization of Pakistan International Airlines Corporation Limited. He extracted notice to the different options for reorganizations and outlined steps to reduce losses and convert Pakistan International Airline Corporation Limited into a fiscal workable organization.  It submitted human resource reorganization by VSS, hiring aviation specialist, flea modernization, product development, route rationalization and revenue enhancement steps.

After comprehensive negotiation, the Economic and Coordination Committee suggested the reorganization scheme of Pakistan International Airlines Corporation Limited for continuing addition before a cabinet meeting. After the consultation to improve the tax liability numbers, Pakistan International Airlines Corporation could take serious action against its resolved balance sheet, once the reorganization scheme is applied.

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