Prime Minister Shehbaz Sharif and his cabinet members have decided to voluntarily forgo their salaries and other perks and privileges in line with the austerity drive of the government.

A decision to this effect was taken at a meeting of the Federal Cabinet, which met in Islamabad today with Prime Minister Shehbaz Sharif in the chair.

The cabinet also accorded approval for the formation of Pakistan International Airlines Holding Company, which is a significant step forward toward privatization of the national flag carrier.

The cabinet was briefed about the Staff Level Agreement with the International Monetary Fund by Finance Minister Muhammad Aurangzeb to revive the national economy and boost investors' confidence.

Besides, the meeting offered fateha and paid homage for those who embraced martyrdom in the recent terrorist incident in Mirali.