HomeBusinessFederal Cabinet approves restructuring of PIA IG News

Federal Cabinet approves restructuring of PIA IG News

News





ISLAMABAD: The federal cabinet on Tuesday approved the restructuring of Pakistan International Airlines (PIA) on the recommendation of the privatization department.
At the previous meeting, the government gave its consent to the appointment of a financial advisor for the financial and administrative restructuring of airlines.
The Cabinet was told in a meeting presided over by caretaker Prime Minister Anwaar-ul-Haq Kakar that a financial consultant had drawn up a financial restructuring plan for PIA in line with international precedents, under which the airline would be split into two companies, Top-Co. and Hold-Co.
PIA’s core operations such as engineering, ground handling, cargo, flight galley and training will be incorporated into Top-Co, while other entities such as Precision Engineering Complex, PIA Investment Limited and other subsidiaries and properties will be incorporated into Hold -Co. These measures will help attract capital investors to PIA.
The government has also directed the government’s sub-committee on privatization to deal with matters related to the settlement of state-owned enterprises with PIA at the earliest.
On the recommendation of the Ministry of Privatization, the government also approved the privatization of First Women Bank Limited.
On the recommendation of the Ministry of National Health, the government approved proposals to deregulate the prices of medicines that are not included in the national list of essential medicines.
Under these proposals, the prices of medicines, other than essential medicines on the national list, will be exempted from the Drugs Act 1976 and the necessary changes will be made in the Medicines Pricing Policy 2018.
In addition, the Pakistan Medical and Dental Council will ensure that doctors do not prescribe vitamins, multivitamins, minerals and over-the-counter products to patients.
The Medicines Regulatory Authority will compile a list of vitamins, multivitamins, minerals and over-the-counter products in accordance with applicable international standards and will liaise with provincial governments in this regard.
The government also confirmed the decisions taken at the meeting of the Economic Coordination Committee, which took place on February 1, 2024.
Meanwhile, the Cabinet has approved the appointment of Lt. Gen. Tahir Hameed Shah as Member and Chairman of the Board of Directors of Pakistan Ordnance Factories on the recommendation of the Ministry of Defence.
The appointment of Colonel General Tahir Hameed Shah will take effect on November 29, 2023.
On the recommendation of the Ministry of External Affairs, the Cabinet allowed Major Abid Mansoor Khan to receive the “Note-e-Shujaat” and “Note-e-Sharf” awards from the Ministry of Defense of Saudi Arabia in recognition of his services.
The Federal Cabinet, on the recommendation of the Ministry of External Affairs, allowed Protocol Officer Mohammad Ashraf Khan to receive the Gold Medal of the Government of Austria in recognition of his services.
Similarly, on the recommendation of the Ministry of External Affairs, the Cabinet allowed Air Commodore Syed Imran Ali to receive the Defense Cooperation Award First Class in recognition of his services as Defense Attaché at the Pakistani Embassy in Tokyo.
On the recommendation of the Ministry of Law and Justice and on the proposal of the Chief Justice of the Peshawar High Court, the Cabinet approved the conversion of 4 of the 8 accountability courts in Peshawar into special courts.
In addition, the Cabinet also approved the proposal of the Chief Justice of the Peshawar High Court regarding the appointment of judges of these courts.
The remaining courts will continue to function as responsible courts. These changes will not put an additional burden on the state treasury. – APP





RELATED ARTICLES
- Advertisment -

Most Popular