Islamabad, July 8 :

Faced with an acute liquidity crunch, Pakistan’s national carrier is hoping to persuade the government to consider equity injection of around Rs 6 billion Pakistani Currency (PC) ($100 million).

Pakistan International Airlines (PIA) plans to make a renewed bid on Wednesday with the government for the equity injection, which has been refused so far. The government has been asking it to arrange money from commercial banks.

The national carrier requested the government to take over PIA’s interest in PIA Investment Limited (PIA-IL) and advance $100 million, without which it would go in the red. PIA chairman Tariq Kirmani made two presentations before prime minister Shaukat Aziz, but failed to win his approval, The Nation newspaper reported.

Instead, Aziz asked the PIA to go to the commercial banks and directed the finance ministry to facilitate this. PIA operates 40 aircraft on domestic and international sectors.