Islamabad (Web Desk): The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved the draft Transaction Advisory Agreement (TASA) for the hiring of the International Finance Corporation (IFC) as transaction adviser (TA) for outsourcing the three airports – Islamabad, Karachi, and Lahore.
The ECC meeting headed by Finance Minister Ishaq Dar submitted a summary by the Ministry of Aviation in this regard.
According to a handout from the Ministry of Finance, the Economic Coordination Committee (ECC) of the Cabinet approved the draft Transaction Advisory Agreement (TASA) reached with the International Finance Corporation (IFC) by Pakistan Civil Aviation Authority (PCCA) to outsource three airports.
The ECC endorsed the same old terms to which it had objected four days ago after the IFC – a member of the World Bank Group – refused to take its advisory fee towards the conclusion of the transaction. The fee will be paid on achievement of various milestones. In addition to that, if Pakistan decides to terminate the service agreement at any stage, it will have to pay penalties.