KARACHI – A sigh of relief for frequent travelers as Pakistan International Airlines (PIA) is expected to cut international ticket fares after relief on Federal Excise Duty (FED). Reports in local media said International Monetary Fund (IMF) granted waiver to the national air carrier. Sources from the Privatization Commission (PC) confirmed that FED waiver could reduce fares by up to Rs3.5lac for flights to American routes. Meanwhile, those travelling to Africa and Middle East could save as much as Rs1lac while those traveling to Australia, New Zealand, and Europe, can enjoy big discounts. The recent development comes after budget’s imposition of additional Federal Excise Duty. The global lender also waived an 18pc sales tax on new aircraft purchases and agreed to transfer Rs46 billion in negative equity to a holding company, aiming to lower operational costs. The government is also considering privatizing Pakistan International Airlines (PIA) through government-to-government (G2G) deal with Qatar or Abu Dhabi after previous privatization efforts. More from this category Copyright ©2024. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.