The financial crisis of Pakistan International Airlines (PIA) has become serious and if the funds are not received within two days, the flight operations will be severely affected.
According to the sources, more than 30 domestic and international flights have been suspended and 15 planes are likely to be grounded if the money is not received immediately.
Sources said that PIA is suffering from debt, interest, lease, and spare parts payments and PIA has to pay more than 20 billion rupees immediately, which includes fuel, federal excise duty, and payments for leased aircraft.
Ministry of Aviation says that the restructuring of PIA is a complex process that requires a year to complete, It is necessary to continue the flight operations of PIA during the restructuring otherwise no serious investment will be received.
Sources say that several meetings held between the Ministry of Aviation and the Ministry of Finance in this regard have been fruitless.
In this situation, the caretaker government is confused and hesitating on the issue of providing funds to PIA.
PIA almost sunk, work can’t be done in the traditional official way: Federal Minister
On the other hand, according to the spokesperson of PIA, steps have been taken to obtain loans from banks with the support of the government and as soon as the funds are released, the aircraft parts, engines, and interest payments will be made. He said that PIA is earning the highest revenue in its history but all this revenue is being spent on bank loans and repayment of leasing companies.
