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PIA
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The IMF has given the green light to the plan to privatize PIA.

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The IMF has given the green light to the plan to privatize Pakistan’s national airline, P.I.A. Talks between officials from the Ministry of Privatization, Ministry of Finance, and the IMF were successful.

Sources from the Privatization Commission confirm that the IMF has approved the privatization plan for P.I.A, but the final approval for debt rescheduling will come from the federal cabinet.

The plan also includes restructuring P.I.A’s loans with the IMF. The government will pay a 12 percent interest rate to banks for one year on the 280 billion loan, as agreed upon by the government.

After privatization, a repayment plan for debts is expected to be developed using income from Roosevelt Hotel and PIA’s dividends. Privatization will speed up once commercial banks stop charging fees on PIA, pending Cabinet approval. Further discussions with the IMF are scheduled for this week regarding the loan rescheduling plan for PIA.

Read more about “Pakistan decides to privatize the PIA before the election.”