Sri Lanka’s cash-strapped national carrier, SriLankan Airlines is presently negotiating with Pakistan International Airlines (PIA) to lease four of its Airbus A330 planes, Sri Lanka’s Minister of Public Enterprise Development, Kabir Hashim announced yesterday.

Addressing reporters, the Minister noted the move, which is part of the current restructuring programme of the airline, would however not result in any job losses, as the nature of the agreement with PIA, is a ‘wet-lease’.

A wet lease is a leasing arrangement whereby one airline (the lessor) provides an aircraft, complete crew, maintenance, and insurance (ACMI) to another airline or other type of business acting as a broker of air travel (the lessee), which pays by hours operated.

Hashim further said that a SriLankan Airline delegation is currently in Pakistan for talks on the deal with the country hoping to lease one A330, latest next month and three more A330s “in the next few months”.

Pakistan International Airlines, a Karachi based airline is the national flag carrier of Pakistan. Its main hub is Karachi while Lahore and Islamabad serve as its secondary hubs.