The Pakistani Ministry of Finance has urged the authorities at Pakistan International Airlines (PIA) to draft a comprehensible plan for the issuance of payments, while expressing serious concern over the rising debt of PIA.
The release of around Rs. 2.20 billion for the Saudi Civil Aviation Authority has also been stressed upon by the ministry. It must be noted that the the Saudi Civil Aviation Authority has threatened that all operations by PIA will be stopped until the unpaid dues are cleared.
PIA owes the federal government a debt of Rs. 15.16 billion, Rs 4.22 billion to non-government organizations and Rs. 5.54 billion in terms of interest on loans.
Payments worth Rs 25 billion in terms of loan and interest are expected to be made by PIA during the time period of 1st January 2017 to 30th June 2017.
Official documents have revealed that PIA still requires Rs. 3.48 billion in January, Rs. 5.11 billion in February, Rs. 3.25 billion in March, Rs. 3.28 billion in April, Rs. 6.50 billion in May and Rs. 3.69 billion in June for the issuance of freeze payments.
The threat by the Saudi Civil Aviation Authority comes as a final warning to PIA before they go ahead and completely stop all operations in the KSA. It should also be noted that overall loan volume of PIA has surpassed Rs. 185 billion during PM Nawaz’s regime in the past years.
Via Dunya News
main sab tuun kay rakhoo
PIA management and union refuse to cut down their shah kharchian despite finantial health
Ahista Ahista PIA (Pakistan International Air Line ) Se PNA (Pakistan National Air Line) Ban Jayega !
Shukria Nawaz Sharif! @Ali Salman Thanking NS just like you did on the PIA ERP Post. ;)