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The Worldwide Financial Fund (IMF) has ‘permitted’ a debt rescheduling plan for Pakistan Worldwide Airways (PIA) privatisation.
In line with the small print, the negotiations between the officers of the Ministry of Privatization, the Ministry of Finance and the IMF have been profitable.
Officers acknowledged that the ultimate approval for PIA’s debt rescheduling plan can be taken from the caretaker federal cupboard.
The IMF has agreed to pay the curiosity on the PIA mortgage to the federal government of Pakistan for one yr. The federal government can pay the Rs280 billion mortgage to the banks at 12 p.c curiosity for one yr.
The IMF’s officers stated that banks shouldn’t be burdened with curiosity funds on PIA loans for a couple of yr.
PIA can be privatized and a mortgage reimbursement plan can be made in a single yr. After privatization, a mortgage reimbursement plan is prone to be produced from the dividends of Roosevelt Resort and Pakistan Worldwide Airways.
Final yr, it emerged that the privatization plan of Pakistan Worldwide Airways (PIA) for the upcoming yr confronted setbacks, because the privatization fee couldn’t resolve points associated to mortgage repayments and authorized issues.
Sources near the event acknowledged that the interim federal minister for privatization, Fawad Hussain Fawad, didn’t implement the plan to switch PIA to the personal sector by January 2024.
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