PIA - Pakistan foreign airlines (PK, Karachi Int'l) has requested a bailout of essentially PKR10 billion rupees (USD64 million) to stay afloat, but the nation's executive has its hands tied through a global economic Fund (IMF) personal loan agreement, Pakistan's specific Tribune has mentioned.
PIA President and CEO Arshad Malik met Abdul Hafeez Shaikh, finance adviser to best Minister Imran Khan, on August 30 to make the attraction and noted that the carrier had been in a position to lay off basically 1,000 surplus personnel amongst other measures to cut back its operational costs, in response to a Ministry of Finance press unencumber.
considering that coming to vigor final yr, Khan's Pakistan Tehreek-e-Insaf (PTI) govt has already given the airline two bailout programs totalling virtually PKR38 billion (USD240 million), based on the express Tribune. however greater assist is required to pay for aircraft repairs and foreign loans.
PIA has loans of more than PKR200 billion (USD1.28 billion) to pay interest on, and the government has allocated PKR24 billion (USD154 million) within the price range of the latest fiscal yr to service these debts.
despite the fact, a 3-12 months prolonged Fund Facility agreed between the IMF and Pakistan in may additionally doesn't enable the Ministry of Finance to provide further sovereign ensures backing the airline in its efforts to borrow cash from industrial banks, sources within the Ministry of Finance informed the newspaper.
with the aid of the conclusion of the PTI's first year in vigour, the combined debt of the nation's public sector businesses surged by way of 47% to PKR2.1 trillion (USD13.four billion).
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