Saudi aviation authorities to stop PIA flights over unpaid debt
The Ministry of Finance, while expressing grave concern over rising debt of Pakistan International Airlines has urged authorities concerned to draft a comprehensible plan for the issuance of payments. The Ministry of Finance has also asked PIA’s authorities to release PKR2.20b for Saudi Civil Aviation Authority as the latter has threatened to put all flight operations for PIA to halt over unpaid dues. PIA is supposed to make payments worth PKR25b in term of loan and interest during the period of Jan 1-2017 to June 30-2017. The carrier owes a debt of PKR15.16b to the federal govt, PKR4.22b to non-govt organisations and PKR5.54b in terms of interest on loans. The overall loan volume of carrier has surpassed PKR185b during Nawaz regime in past 3 years. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-01-24/unaligned/saudi-aviation-authorities-to-stop-pia-flights-over-unpaid-debt
https://portal.staralliance.com/cms/logo.png
Saudi aviation authorities to stop PIA flights over unpaid debt
The Ministry of Finance, while expressing grave concern over rising debt of Pakistan International Airlines has urged authorities concerned to draft a comprehensible plan for the issuance of payments. The Ministry of Finance has also asked PIA’s authorities to release PKR2.20b for Saudi Civil Aviation Authority as the latter has threatened to put all flight operations for PIA to halt over unpaid dues. PIA is supposed to make payments worth PKR25b in term of loan and interest during the period of Jan 1-2017 to June 30-2017. The carrier owes a debt of PKR15.16b to the federal govt, PKR4.22b to non-govt organisations and PKR5.54b in terms of interest on loans. The overall loan volume of carrier has surpassed PKR185b during Nawaz regime in past 3 years. <br/>
