The Pakistani Ministry of Finance has commanded the management of Pakistan International Airlines (PIA) to form a complete plan related to the issuance of payments. The debt of the national airliner is ever-increasing, thus the ministry has forced the concerned authorities at PIA to plan a scheme through which the debts can be fulfilled.
Saudi Civil Aviation Authority has threatened PIA that it will shut down all the operations in the country, if the latter doesn’t clear the unpaid dues. Therefore, the ministry has urged the need to release Rs. 2.20 billion for the Saudi Civil Aviation Authority.
The threat issued by the Saudi Civil Aviation Authority is a final warning to Pakistan International Airlines, before it completely shuts down all the operations.
Apart from international debts, PIA has to pay Rs. 15.6 billion to the federal government, Rs. 5.54 billion as interest on loans, and Rs. 4.22 billion to non-government organizations. It was also expected that the payments worth Rs. 25 billion are expected to be paid by the national airliner in the time period of 1st January to 30th January 2017.
Other than the revealed, PIA still requires around 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 to issue all the freeze payments.
The overall debt of PIA has passed Rs. 185 billion under Nawaz Sharif’s elected PM tenure.