ISLAMABAD, Feb 21: A high-level meeting here on Thursday allowed the PIA authorities to purchase seven second-hand aircraft for which the US Export and Import (EXIM) Bank will also provide considerable funding.

Informed sources told Dawn that the meeting, presided over by Finance Minister Shaukat Aziz and attended by Chairman and Managing Director of the PIA, representatives of EXIM Bank and the Overseas Private Investment Corporation, approved the purchase of four Boeing 777 and three A-310 Airbus planes.

The seven aircraft, to be purchased by the PIA, will be “freshly used” and will not be very old.

Sources said the meeting was of the view that PIA should gradually replace its old fleet so that there was no major funding problem.