PIA receives loans from banks after privatization plans

• PIA receives loans from banks after privatization plans.
• PIA to address its immediate financial obligations.
• PIA is among the government institutions slated for privatization.

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.

This loan will cover essential payments necessary for the airline’s day-to-day operations and is expected to sustain PIA for seven to ten days.

The injection of funds has already begun to normalize PIA’s operations, and it will also enable the addition of two Boeing 777 aircraft to the airline’s fleet, thereby enhancing its operational capacity.

Additionally, sources have revealed that the list of assets earmarked for privatization includes PIA’s iconic Roosevelt Hotel in the United States, highlighting the comprehensive nature of the privatization process.

To ensure the seamless functioning of PIA throughout the privatization process, a dedicated committee will be established.

This committee, led by caretaker federal minister Fawad Hasan, will work diligently to navigate the complexities of the transition.

The Privatization Commission’s official website has also confirmed that PIA is among the government institutions slated for privatization.

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