Pak govt approves Rs1,700 crore bailout package to keep PIA afloat

The cash-strapped Pakistani government has approved a Rs1,700 crore bailout package for its ailing national flag carrier PIA which has been running into losses for years.

The government on Monday approved the bailout package for the Pakistan International Airlines (PIA) to keep it afloat for the next two months, the Express Tribune reported.

It is the first bailout package approved by the government of Prime Minister Imran Khan, who is also the minister in charge of the Aviation Division.

Pakistan government is itself facing financial crisis and is seeking its largest loan package of up to USD 8 billion from the IMF to bail itself out from the severe balance-of-payments crisis that threatens to cripple the country's economy.

 

The Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Asad Umar, on Monday approved the Rs 1,720 crores 'dose of oxygen' the second in last six months.