Nine aircraft of Pakistan International Airlines (PIA) have been grounded due to the delay in the privatization of the national carrier, leading to significant challenges and increased strain on administrative affairs.
According to reports, the nine aircraft, including five Airbus A320s, three Boeing 777s, and one ATR craft, have been grounded due to the shortage of spare parts.
Reports added that there is ongoing uncertainty surrounding the future of the national airline, which heavily relies on the State Bank of Pakistan (SBP). Leasing companies have reportedly expressed concerns, citing Pakistan’s CCC rating against business policies.
Furthermore, leasing and spare parts companies are applying a risk exposure premium on payments. Earlier this month, Caretaker Prime Minister Anwaarul Haq Kakar ordered relevant officials to accelerate the privatization process of PIA.
During a meeting with the Aviation Adviser Air Marshal (retd) Farhat Hussain, the prime minister underscored the importance of maintaining transparency in the privatization process.
Additionally, Kakar highlighted that the government prioritizes the privatization of state-owned enterprises as a crucial step to protect the national exchequer from further financial losses.
see this is what happens when your company decides to put money in its pocket and not put the government or the business taxing and not putting your company on the stock market this finance could have helped PIA with every part of the plane PIA, CAA