ISLAMABAD – Pakistan International Airlines (PIA) total debt has crossedRs. 247 billion.
The above revelation came in a National Assembly session where the AviationDivision told the House that PIA has accumulated a debt amounting Rs.247billion.
As per the details, the flag carrier has received Rs. 198 billion from thegovernment along with an outstanding loan worth Rs. 41 billion on itsassets.
Previously, PIA had submitted a comprehensive report in a suo motu casepertaining to irregularities in the department. The report stated that thelosses of the national airline accumulated to Rs. 356 billion including thelosses of 2017.——————————
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The report, presented before the Supreme Court, also stated that the PIAhas core competency gaps in the entire organization including the seniorexecutive leadership, which deprives it of the capability to improve itsperformance.
The reasons pointed out in the report include extremely poor Human Resource(HR) practices and political appointments along with the company’s behaviorto operate like an obsolete government department instead of a modernbusiness.
