PIA pays employees despite losses

KARACHI: Pakistan International Airlines (PIA) has paid the pending salaries of its employees despite a financial crisis, ARY News reported citing sources.

According to sources, the Civil Aviation Authority (CAA) has released a Rs 1 billion fund to Pakistan International Airlines (PIA).

Sources revealed that soon after the release of funds PIA paid the pending salaries of its employees.

Following the decision to privatize Pakistan International Airlines (PIA), earlier today banks stepped forward to provide essential financial support to the national flag carrier.

Read more: PIA gets loan from banks following privatization plans

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.

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.

Earlier, Caretaker PM Anwaar ul Haq Kakar directed Minister for Privatization Fawad Hasan Fawad to oversee the process of privatization of Pakistan International Airlines (PIA) and complete it on a fast-track basis.

He said the process needed to be expedited urgently to provide a reliable service to the users and to raise the standards of the national flag carrier to match the global airline standards. He directed all the relevant stakeholders to find an immediate solution to the matters related to the privatization.

PIA woes

It is pertinent to mention here that Pakistan International Airlines (PIA) is grappling with a severe financial crisis, raising concerns about its ability to sustain air operations amidst mounting debts.