PIA REQUESTS GOVERNMENT WRITES OFF $1.7 BILLION

Pakistan International Airlines (PIA) has asked the government for $1.7 billion to help it stave off bankruptcy. The money is part of a five-year restructuring plan that promises cutbacks and an improved fleet if the treasury agrees to cancel its debt and pay off creditors. PIA has accumulated losses $936 million but insists the airline is capable of future success but only with government help. However in the current economic climate, analysts don’t think it is a viable option for the government, itself billions of dollars in debt.