PR No.155 FINANCE MINISTER CHAIRS MEETING OF THE ECC OF THE CABINET Islamabad: January 18, 2017

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The Federal Minister for Finance, Senator Mohammad Ishaq Dar, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Prime Minister's Office this morning.

ECC considered and approved the proposal of the Aviation Division to increase the Government of Pakistan's guarantee limit for Pakistan International Airlines Corporation Limited (PIACL) by Rs. 10.5 billion from 151 billion to PKR 161.5 billion, in order to cater to the immediate financial needs of PIACL.

ECC also decided to form a Committee to be chaired by Mr. Ahsan Iqbal, Federal Minister for Planning and Development, and comprising of Mr. Mohammad Zubair, Chairman Privatization Commission, Mr. Haroon Akhtar Khan, Special Assistant to Prime Minister on Revenue, Mr. Tariq Bajwa, Secretary EAD, and Mr. Irfan Elahi, Acting Chairman PIA / Secretary Aviation Division, to finalize a business plan for improving the financial and operational performance of PIACL on a sustainable basis, in coordination with PIA management.

ECC also considered and approved the proposal by Ministry of National Food Security and Research for the extension of time period for the export of surplus wheat and wheat products, from 31 December 2016 to 15 March 2017. In view of the availability of surplus wheat stocks in the country, ECC also allowed the export of additional quantity of 400,000 tons of wheat and wheat products by Punjab and Sindh governments.

ECC also approved the disbursement of salaries for the month of October 2016 to the employees of Pakistan Steel Mills Corporation.

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