How much debt is PIA in? Stunning revelations made
Shares
Due to the ongoing financial crisis, the national airline PIA (Pakistan International Airlines) has incurred monthly losses of up to 12 billion rupees. According to sources, the Ministry of Finance has refused to bear the interest and losses on PIA's loans. PIA has borrowed 26 billion rupees from commercial banks under a government guarantee, and the airline is required to pay 1.25 billion rupees in taxes to the Federal Board of Revenue (FBR), while PIA's sole Aviation Division is not generating monthly revenues exceeding one billion rupees. Despite the severe financial crisis, PIA employees in the UK have been given appointments and substantial salaries. Sources have revealed that PIA's monthly income is around 22 billion rupees, while its expenditures are approximately 34 billion rupees. The total loss incurred by the national airline is close to 74 billion rupees, leading the Finance Minister to demand a bailout plan from the Reforms Division and PIA's management. Sources further indicate that immediate action is needed due to the massive size of PIA's debt, which is five times the value of its assets.
