KARACHI, Sept 25: Pakistan International Airlines is likely to get the first two Boeing 777 planes in January next year out of the eight that it is set to receive in next five years under a deal signed with Boeing Company.

A source in PIA told Dawn that the national flag carrier hopes to get two Boeing 777 planes instead of one. “Initially we were to get the delivery of one Boeing 777 each in January, February and March 2004 but there are indications (from Boeing Co) that we may get two in January,” said the source. A third plane would be delivered in February or March.

The source said the national flag carrier recently converted its rupee funds equal to $60 million in dollar account to make payments to Boeing Co as per schedule. He said that in the last fiscal year PIA had set aside $30 million for making payments to the aircraft making company. “In the next fiscal also we will use $60 million,” the source said adding it would complete the $150 million payment that PIA is supposed to make to Boeing Co.

In August 2002 the government approved an additional equity of $150 million for PIA to enable it to buy new aircraft. This amount will help the national flag carrier finance its aircraft purchases only partly as the outlay of its fleet replacement plans is worth about $2 billion.

As part of its fleet replacement plan PIA had signed a deal with Boeing Company in October last year according to which it will buy eight Boeing 777 from the company. The national flag carrier has also received a $360 million facility from Exim Bank of Japan to purchase these planes.