A new business plan aimed to take Pakistan International Airlines (PIA) out of financial crisis has been submitted to the Ministry of Finance for approval.

The International Air Transport Association (IATA) worked out the business strategy for the loss-making national flag carrier to turn it into a profitable entity.

The government last year decided to hire international consultants to devise a completely new business strategy to take the national airline out of financial crisis.

The comprehensive plan devised by the IATA envisages the national flag carrier turning into a profit-making organisation by 2024. Under the new strategy, the number of planes in the airline’s fleet will be increased from 29 to 49 while the number of passengers travelling on PIA flights from 5.2 million to 9 million.

The business plan further envisages the total worth of the airline’s assets reaching $2.183 billion from $1.196 bn in 2026.