PIA's financial crisis to ease with Rs7.5 bln bank support
If the loan is secured, the timely payment of employee salaries will become feasible, and the fuel payment balance will also experience an enhancement.
Islamabad: In a significant development, negotiations involving the Finance Ministry, commercial banks, and PIA authorities are advancing, addressing the Pakistan International Airlines (PIA) financial crisis.
Sources indicate that PIA is on track to secure 7.5 billion rupees backed by government guarantees from three banks, with a final decision expected within the next two to three days.
This prospective loan will enable timely salary payments to employees and bolster fuel payment balances.
Today, 49 flights had to be canceled, marking a total of 479 PIA flights canceled in the last ten days.
To mitigate financial challenges, PIA plans to augment its operations in lucrative international flight routes and sectors.
The pending loans will play a pivotal role in addressing these difficulties.
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