In Karachi, the interim government has made significant strides towardssecuring an additional financial assistance plan for Pakistan InternationalAirlines (PIA), the national flag carrier, which is grappling with a severefinancial crisis, as reported by ARY News on Wednesday.
According to sources, discussions have taken place between representativesfrom the finance ministry, commercial banks, and PIA. The national airlineis expected to receive Rs7.5 billion from commercial banks with governmentbacking.
These sources also indicated that the final decision will be reached withinthe next two to three days. This progress comes after three commercialbanks withdrew from providing loans to PIA’s management following certainconditions.
As a result of obtaining this loan, PIA’s management will be able topromptly disburse employee salaries and address outstanding fuel paymentsto the Pakistan State Oil (PSO).
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Sources suggest that the airline’s management will place a strongeremphasis on executing their ‘Plan B’ after securing the loan, aiming toexpand international flights and specific routes to bolster revenue.
Currently, PIA is encountering challenges related to refunds, and this newfinancial support package is expected to alleviate the airline’s financialdifficulties.