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Details have emerged regarding Pakistan International Airlines’ (PIA) significant debt obligations, as disclosed by the aviation ministry. The national carrier’s outstanding dues, totaling Rs429.267 billion as of September 30, 2023, have raised concerns and prompted official scrutiny.
The breakdown of PIA’s debt, submitted to the National Assembly, delineates a substantial amount owed to both banks and the government. According to the disclosed figures, PIA owes Rs268.2 billion to banks and Rs161.067 billion to the government of Pakistan.
The loans procured by PIA were primarily intended to alleviate cash flow constraints and facilitate essential acquisitions, including aircraft, engines, and spares crucial for operational sustainability. However, the accumulation of such a significant debt burden underscores the challenges faced by the national carrier.
The revelation of PIA’s debt has sparked discussions within the National Assembly, with lawmakers expressing concerns about the airline’s financial health and its implications for the broader aviation sector. Calls for greater transparency and accountability in managing PIA’s finances have also been voiced.
As PIA grapples with its substantial debt load, stakeholders are eagerly awaiting strategies and initiatives aimed at addressing the financial challenges and ensuring the airline’s long-term viability.
