Cabinet approves restructuring of PIA
Business
Cabinet approves restructuring of PIA
ISLAMABAD (Web Desk) – The caretaker federal cabinet on Tuesday approved restructuring of the Pakistan International Airlines (PIA).
The cabinet, which met in Islamabad with Caretaker Prime Minister Anwaarul Haq Kakar in the chair, also approved privatisation of the First Women Bank Limited. It also consented appointment of a financial adviser for financial and administrative reorganisation of PIA, reported Radio Pakistan.
The cabinet was informed that PIA would be bifurcated into two companies namely TopCo and HoldCo. Basic engineering operations, ground handling, cargo, flight kitchen and training will be attached with TopCo, while departments like PIA Investment, Precision Engineering Complex and other subsidiaries as well as properties will be put under HoldCo. These measures will help attract investors to PIA.
The cabinet also allowed conversion of four out of eight accountability courts in Peshawar into special courts.
Apart from this, the proposal of the Peshawar High Court chief justice has been approved regarding the appointment of judges in these courts. The remaining courts will continue to function as accountability courts. These changes will not put any additional burden on the national exchequer.
The cabinet approved the deregulation of prices of medicines which are not included in the national list of essential medicines.
Under these proposals, prices of medicines other than essential ones will be exempt from the Drugs Act, 1976 and necessary amendments will be made in the Drug Pricing Policy 2018.
The Pakistan Medical and Dental Council will ensure that doctors do not prescribe vitamins, multivitamins, minerals and over-the-counter products to patients.
