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Karachi, October 24, 2012 (PPI-OT): Economic Coordination Committee (ECC) has approved the issuance of guarantee for fresh loan of PKR 9.36 billion for PIA along with extension of government guarantee for 2 years on Sukuk Certificates of PKR 6.8 billion.
According to Alfalah Securities Limited, this is done to provide some relief to the national carrier – PIA as it is facing liquidity crunch for the last several years because of operational inefficiencies, high oil prices, depreciation of Pak rupee against USD and aging fleet.