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Pakistan International Airlines needs immediate bailout

28-Sep-2010 10:54 AM

Pakistan International Airlines Managing Director, Muhammad Aijaz Haroon, stated PIA is suffering accumulative losses of INR144 billion (USD3.2 billion) and needs an immediate bailout package at a meeting with the Public Account Committee (PAC) (Daily Times, 28-Sep-2010). Mr Aijaz Haroon said PIA suffered a loss of INR39 billion (USD869 million) due to a hike in fuel prices and is putting together a future business plan to control the expenditures to prop up the carrier.