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