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ECC again refrains from approving payments to IPPs - Newspaper

The Economic Coordination Committee (ECC) of the cabinet on Wednesday put off a decision on payment of first installment out of Rs403 billion outstanding payments to independent power producers. AFP/File ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday put off a decision on payment of first installment out of Rs403 billion outstanding payments to independent power producers (IPPs) but approved about Rs457bn restructuring plan for Pakistan International Airlines (PIA) along with retrenchment of its 25 per cent workforce (about 3,500 staff) at a cost of Rs13bn. A meeting of the ECC presided over by Minister for Finance, Revenue, Industries and Production Hammad Azhar also approved absorption of staff of power generation companies (Gencos) that became surplus after closure of over 1,900MW of power plants, but could not take a decision on their pension benefits.

PIA posts Rs34 6bn loss in 2020 - Newspaper

KARACHI: Pakistan International Airlines Corporation Ltd (PIA) announced loss for the year 2020 at Rs34.6 billion and loss per share (LPS ) at Rs3.31 for ‘B’ class ordinary shares of Rs5 each. The loss stood reduced from Rs52.6bn and LPS at Rs5.02 suffered in 2019. Revenue stood down to Rs95bn for 2020 from Rs148bn the earlier year. Reduction in exchange loss, finance costs and growth in other income made the bottom-line appear better than the previous year. UBL sings agreement with NIFT UBL Digital recently signed a strategic agreement with NIFT to enable digital payments (mobile/e-commerce) via ‘NIFTePay.’ “This partnership will allow UBL Branch and OMNI customers to conduct secure e-commerce transactions directly through their accounts,” said a press release issued by UBL on Wednesday.

Rs330m approved for maintenance of aircraft

Rs330m approved for maintenance of aircraft Top Story April 8, 2021 ISLAMABAD: While granting its nod for laying off 25 percent workforce or around 3,500 through Voluntary Separation Scheme (VSS), the Economic Coordination Committee (ECC) of the cabinet Wednesday approved restructuring plan of Rs457 billion for cash-bleeding Pakistan International Airlines (PIA). The meeting approved Rs330 million for the Ministry of Defence for the maintenance of aircraft. This restructuring plan for PIA will be implemented after getting approval from the federal cabinet. The ECC directed the authorities concerned to further fine tune the restructuring plan and reconcile figures before presenting before the cabinet. The PIA required Rs13 billion from the government for implementing VSS in order to lay off around 25 percent of a total workforce of 14,000, indicating that around 3,500 working staff will be relieved under the restructuring plan. When contacted, Adviser to PM on Institutional Ref

ECC allows PIA to lay off 25% of workforce via Voluntary Separation Scheme

ECC allows PIA to lay off 25% of workforce via Voluntary Separation Scheme By ECC approves a Rs457 billion restructuring plan for PIA. Adviser to PM Dr Ishrat Hussain says PIA restructuring plan would convert Rs457 billion loan into equity. The restructuring plan will be implemented after getting approval from the federal cabinet. ISLAMABAD: The Economic Coordination Committee (ECC) on Wednesday gave approval for PIA to launch a Voluntary Separation Scheme (VSS) to lay off 25% of its workforce making it around 3,500 employees. It also approved a restructuring plan of Rs457 billion for the national carrier. The meeting approved Rs330 million for the Ministry of Defence for the maintenance of aircraft. The restructuring plan will be implemented after getting approval from the federal cabinet.

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