PIA gets loan from banks following privatization plans

KARACHI: Following the decision to privatize Pakistan International Airlines (PIA), banks have stepped forward to provide essential financial support to the national flag carrier, ARY news reported on Friday.

Sources close to the matter confirmed that the banks have approved a loan of Rs 18 billion for PIA to address the immediate financial obligations.

Sources claimed that the most necessary payments – crucial for the airline’s day-to-day operations – will be made from the loan given for seven to 10 days.

According to reliable sources, after the funds were injected, the PIA’s operations gradually returned to normal from this evening onwards.

The loan’s swift transfer will also facilitate the addition of two ground Boeing 777 aircraft to PIA’s fleet, further enhancing its operational capacity.

Furthermore, sources revealed that the list of assets slated for privatization includes PIA’s iconic Roosevelt Hotel in the United States, underscoring the comprehensive nature of the privatization process.

In a bid to ensure the uninterrupted functioning of PIA throughout the privatization proceedings, it has been decided to establish a committee dedicated to overseeing the process.

The caretaker federal minister Fawad Hasan will lead this committee, working diligently to navigate the complexities of the transition.

The Privatization Commission’s official website also confirms PIA’s inclusion in the government institutions marked for privatization.