PIA receives additional $53.6 million as government guarantee to secure more loans

Pakistan International Airlines (PIA) will receive another $53.6 million in the form of government guarantee. The Pakistan’s Economic Coordination Committee (EEC) recently approved increasing the government guarantee for PIA. As of now, PIA had secured government guarantees worth $887 million. With these funds already utilised the cash-strapped airline had requested for additional guarantees to secure further loans to keep the airline running. To make matters worse, Saudi Arabia’s General Authority of Civil Aviation has sent legal notice to PIA regarding unpaid airport fees and has threatened to suspend landing rights. The loss of landing rights in Saudi Arabia would be