Government approves another Rs20 billion loan guarantee for PIA’s overhauling

ISLAMABAD: Government on Friday endorsed Rs20 billion loan to ensure for state-possessed Pakistan International Airlines (PIA) to enable the carrier to update aircraft engines.

The Economic Coordination Committee (ECC) of the bureau, at a meeting headed by the Prime Minister Shahid Khaqan Abbasi, endorsed arrangement of an extra certification of Rs20 billion for Pakistan International Airlines Corporation Limited (PIACL) to meet the use for the upgrading of aircraft engines.

“The gathering coordinated flight division and the fund service to guarantee that the financing bolster affirmed by the ECC is entirely used just for the characterized reason,” an administration articulation said. Musharraf Rasool, CEO of PIACL additionally informed the meeting about the advance tried so far in the endeavors to pivot national banner bearer and to diminish its misfortunes.

As of now, PIA has 37 aircraft in its fleet. Prior, government divulged an arrangement to privatize air transport business of misfortune making PIA, while rest of the matter of the carrier would be given to another organization on contract premise.