ISLAMABAD - Pakistan International Airlines (PIA) total debt has crossed Rs. 247 billion.
The above revelation came in a National Assembly session where the Aviation Division told the House that PIA has accumulated a debt amounting Rs.247 billion.
As per the details, the flag carrier has received Rs. 198 billion from the government along with an outstanding loan worth Rs. 41 billion on its assets.
Previously, PIA had submitted a comprehensive report in a suo motu case pertaining to irregularities in the department. The report stated that the losses of the national airline accumulated to Rs. 356 billion including the losses of 2017. ------------------------------
The report, presented before the Supreme Court, also stated that the PIA has core competency gaps in the entire organization including the senior executive leadership, which deprives it of the capability to improve its performance.
The reasons pointed out in the report include extremely poor Human Resource (HR) practices and political appointments along with the company’s behavior to operate like an obsolete government department instead of a modern business.