Government rejects taking over PIA’s Rs 263bn debt
Islamabad: The federal government has refused to absorb Pakistan International Airlines’ (PIA) debt of Rs263 billion, instead proposing to settle debts with nearly a dozen domestic commercial banks using proceeds from the airline’s privatization. Sources told The Express Tribune that the finance ministry, backed by Prime Minister Anwarul Haq Kakar, rejected the proposal to merge PIA’s Rs 263 billion debt with the national debt. The prime minister’s office did not respond to a request for comment despite repeated attempts. The decision follows the national airline’s default on debt repayments of more than 17 billion rupees to seven commercial banks by
