PIA to get another bailout package

The government is set to give green signal to another bailout package worth Rs 13 billion for Pakistan International Airlines (PIA).

Citing its sources, Dawn reported that the package is scheduled to be approved in a meeting of the Economic Coordination Committee (ECC) of the cabinet, which is being called this week.

The national carrier has been a recipient of bailouts in the form of capital injections from the budget or commercial loans from banks against the government’s guarantees.

It had accumulated liabilities of over Rs 394.9 billion, Business Recorder reported earlier this year. This includes Rs 53.9 billion foreign and Rs 341 billion local liabilities.

Earlier, the national carrier carried its last flight in New York on Sunday, ending some 56 years old flight operations to the United States. PIA was facing financial losses worth billions of rupees while flying on the route, being operated for New York via Manchester.