28-Sep-2010 10:54 AM

Pakistan International Airlines needs immediate bailout

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.