Islamabad grants another $14m to PIA for liquidity
The Pakistani government has approved a supplementary grant of PKR4b rupee (US$14m) to PIA - Pakistan International Airlines to help pay interest on legacy loans and overcome cash flow problems at the heavily-indebted state-controlled carrier. The announcement was made by Federal Minister for Finance and Revenue Mohammad Ishaq Dar, who chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet on June 26. According to the airline financial report for the three months ending March 31, 2023, PIA continues to face liquidity problems resulting in increased borrowings pushing finance costs up by 72% in interest rates. The devaluation of the Pakistani rupee during the period also contributed to the airline's increased loss before tax of PKR36.3b (US$81.9m) for the three months ending March 31, 2023.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2023-06-29/unaligned/islamabad-grants-another-14m-to-pia-for-liquidity
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Islamabad grants another $14m to PIA for liquidity
The Pakistani government has approved a supplementary grant of PKR4b rupee (US$14m) to PIA - Pakistan International Airlines to help pay interest on legacy loans and overcome cash flow problems at the heavily-indebted state-controlled carrier. The announcement was made by Federal Minister for Finance and Revenue Mohammad Ishaq Dar, who chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet on June 26. According to the airline financial report for the three months ending March 31, 2023, PIA continues to face liquidity problems resulting in increased borrowings pushing finance costs up by 72% in interest rates. The devaluation of the Pakistani rupee during the period also contributed to the airline's increased loss before tax of PKR36.3b (US$81.9m) for the three months ending March 31, 2023.<br/>
