ISLAMABAD:The federal government has refused to accept the harsh conditions set by commercial banks for providing a new loan of Rs15 billion to the struggling Pakistan International Airlines (PIA). The finance ministry did not agree to these terms, stating that they protected the interests of the banks more than expected in return for giving a loan against sovereign guarantees, according to finance ministry sources. design: mohsin alamThe spokesperson for the finance ministry, Qamar Abbasi did not respond to questions regarding whether the Ministry of Finance rejected the terms proposed by the commercial banks. The sources said, Habib Bank Limited, National Bank of Pakistan, and Meezan Bank Limited each offered Rs3 billion to PIA, totalling Rs9 billion. The remaining Rs6 billion was offered by Faysal Bank Limited, Bank of Punjab, and Askari Bank Limited, each contributing Rs2 billion.
