On Monday it was discovered that the Pakistan International Airlines (PIA) has acquired money in the amount of over $130 million from loans in fresh financing from a banking group.
This totals to a sum of $3 billion, with respect to previous loans taken by the national airline.
UBL Financing PIA
Part of a statement delivered by the Pakistan International Airlines (PIA) mentioned that the airline received their financial assistance from Pakistan’s United Bank Limited (UBL) and Credit Suisse Singapore as lead bankers, as well as the state-run National Bank of Pakistan.
The statement says “The (financing) facility …. will be utilized by PIA for its general working capital requirements and in improvement in passenger services”
Yet it was stated by a PIA official who chooses to remain anonymous, that this loan of $130 million might have been taken to settle the previous due loans.
How Privatizing PIA Turned Out
The airline company is currently steeped in loans, reaching up to an amount of roughly Rs. 329 billion or $3 billion. Not only that, but it also experienced a heavy annual loss of Rs32 billion. It’s only understandable that the government would try to privatize it.
Earlier in this year 2016, Prime Minister Nawaz Sharif’s government attempted to privatize PIA, but it’s 18,000 employees severely protested. Two of those employees were murdered as the police tried to prevent protest by the employees outside the airline’s head office in Karachi.
Discounts Being Offered On Late Night Domestic Flights
According to the national carrier, a special discount of 30% is now being offered on late night flights between the hours 00:00 and 06:00.
The spokesman who revealed that also made another statement stating that special discount on late night flights will only be applicable to certain domestic routes given below:
The discount offer was introduced yesterday on Monday, 28th November, 2016
- pia-fares-drop-2: google