Saudi Aviation Authorities to stop PIA flights over unpaid debt | Pakistan Today

Saudi Aviation Authorities to stop PIA flights over unpaid debt

ISLAMABAD: Ministry of Finance, while expressing grave concern over rising debt of Pakistan Internation Airlines (PIA) 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 Rs2.20 billion 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 Rs25 billion in term of loan and interest during the period of January 1-2017 to June 30-2017.

National flag career owes a debt of Rs15.16 billion to the federal government, Rs4.22 billion to non-government organisations and Rs5.54 billion in terms of interest on loans.

Official documents further revealed that PIA would require Rs3.48 billion in January, Rs5.11 billion in February, Rs3.25 billion in March, Rs3.28 billion in April, Rs6.50 billion in May and Rs3.69 billion in June for the issuance of freeze payments.

It may also be noted that overall loan volume of national flag career has surpassed Rs185 billion during Nawaz regime in past three years.



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