PIA Seeks Urgent Financial Aid to Keep Flights Operating Amid Deepening Crisis

• PIA requests Rs15 billion loan from banks to deal with financial crisis, sends SOS to State Bank of Pakistan • CAA grants Rs5 billion facility to keep PIA operating and avoid halting flights • Finance ministry refuses to provide loan guarantees or rescue package for PIA due to IMF conditions • PIA needs funds for payments including $10.5 million lease payment for parked plane in Jakarta • Aviation ministry makes last-ditch efforts to get relaxation of regulations to allow banks to lend to cash-strapped PIA