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Caretaker cabinet approves PIA restructuring

09:59 PM | 6 Feb, 2024
Caretaker cabinet approves PIA restructuring

ISLAMABAD – The interim federal cabinet on Tuesday approved restructuring of the Pakistan International Airlines (PIA) and privatisation of the First Women Bank Limited.

The cabinet, which met in Islamabad with Caretaker Prime Minister Anwaarul Haq Kakar in the chair, also consented appointment of a financial advisor for financial and administrative reorganization of PIA.

The cabinet was informed that PIA will 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, reported Radio Pakistan.

Besides, the cabinet directed its sub-committee on privatisation to dispose of matters related to state-owned entities’ claims of undecided amounts on the national flag carrier at the earliest.

The cabinet also allowed conversion of four out of eight accountability courts in Peshawar into special courts.

Apart from this, the proposal of Chief Justice Peshawar High Court 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 de-regulation 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 exempted 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.

Daily Pakistan Global Web Desk

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PKR rate against US Dollar, Euro, Pound, Riyal - Check 16 April forex rates

Pakistani currency gains momentum against all currencies on April 16, 2024 Tuesday. US dollar was being quoted at 277.9 for buying and 280.85 for selling.

Euro was quoted at 295 for buying and 298 for selling while British Pound stands at 345 for buying, and 349 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 15 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.9 280.85
Euro EUR 295 298
UK Pound Sterling GBP 345 349
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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