Pakistan approves $29 million financing for national airline

Pakistan approves $29 million financing for national airline
FILE PHOTO: View of a Pakistan International Airlines (PIA) passenger plane, taken through a glass panel, at Islamabad International Airport, Pakistan October 3, 2023. REUTERS/Akhtar Soomro/File Photo

Pakistan’s caretaker government on Friday approved an 8 billion rupee ($28.60 million) financing proposal for Pakistan International Airlines to meet its debt payment obligations.

The financing will be made through the country’s civil aviation authority’s resources, the finance ministry said in a post on social media platform X.

The airline, which has accumulated billions of dollars in losses and liabilities, canceled 349 flights in the last two weeks due to a shortage of fuel, underscoring the difficulties faced by the cash-bleeding national flag carrier.

($1 = 279.7000 Pakistani rupees)



Source: Reuters