The Economic Coordination Committee of the Cabinet, on December 6, approved the release of the first tranche of $16.46m for PIA, enabling it to acquire 15 aircraft on dry lease.
The dry lease transaction is worth $52m. The amount will be injected as equity, and the ECC has asked the Pakistan International Airline Corporation (PIAC) to complete all formalities required under the rules of procurement.
A committee comprising the finance secretary, SECP chairman and petroleum secretary will analyse PIA’s financial statements and projections before the second tranche is released. The remaining installments are to be paid on a monthly basis, after December 20.
