- PIA has made significant progress with other entities.
- PIA will receive loans on a government guarantee.
- Obtaining loans helps overcome financial difficulties.
Significant progress has been made in the negotiations between the finance ministry, commercial banks, and Pakistan International Airlines (PIA) authorities on the issue of the PIA financial crisis.
Sources say that PIA is expected to get 7.5 billion rupees from the banks on the government guarantee; the final decision on the government loan from three banks is expected in the next two to three days.
In the case of getting a loan, it will be possible to pay salaries to the employees on time, while after getting the loan, the balance of fuel payments will also improve.
Moreover, the number of flights on international flights and higher revenue sectors will increase, and obtaining loans will help overcome financial difficulties.
Due to a lack of fuel, 49 domestic and international flights were canceled today.
However, the number of PIA flights canceled in the past few days has reached 479.
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Earlier, banks have extended crucial financial support to the national flag carrier in response to the decision to privatize Pakistan International Airlines (PIA), BOL News reported on Friday.
Sources familiar with the situation have disclosed that banks have granted a loan of Rs 18 billion to PIA to address its immediate financial obligations.
