PIA undergoes massive restructuring to clear Rs 450 billion debt

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PIA undergoes massive restructuring to clear Rs 450 billion debt

LAHORE: Pakistan International Airlines (PIA) Chief Executive Officer (CEO) Air Marshal Arshad Malik said on Thursday that financial restructuring of the nation airline is underway, as the government is committed to clearing its debt of Rs450 billion.

The PIA CEO said this while addressing a ceremony at the Lahore Chamber of Commerce and Industry. LCCI President Mian Tariq Misbah, along with other senior officials and members of the business community, was also present on the occasion.

Malik said the airline had reduced the numbers of domestic flights after observing that the people had started using roads following the construction of motorways. “PIA made a profit in September and October and we will only maintain those routes where business is high,” he added.

He informed that the government has formed a committee to restructure the national flag-carrier, adding that a merit-based policy for the staff is being formulated under which golden handshakes will be given to around 3,000 employees.

“Every Pakistani knows that PIA is overstaffed. One solution is to fire them but we are trying to manage this in a responsible way. We are taking strict actions against those who are not on merit, besides those with fake degrees.”

He said despite financial constraints in the wake of Covid-19 crisis, PIA did not terminate a single employee.