National Airlines (PIA) is facing the most serious crisis in the country’s history, the spokesperson of PIA has also pointed out in this regard.
Pakistan’s negative credit rating began to sink the national institutions as well and now international leasing companies have taken the help of the national airline (PIA). Because of which, the fear of grounding the leased planes of PIA has increased.
Talking about this serious crisis in the country’s history, PIA spokesman Abdullah Khafeez Khan admitted that the reality is that PIA is suffering from the worst financial crisis in history. And we have a balance of payment pressure which is difficult to get out of but we have to look at the root causes.
The spokesman said that the financial crisis faced by PIA is not due to its performance or operations, it is still a profitable company due to its operations, but the real problem is the mounting debt and interest payments on it since 2003, which is so much. have become more that it has not been possible to withdraw from the profit of the institution.
Abdullah Hafeez Khan said that PIA should reduce its expenses, but the real reason for the crisis is not due to its internal expenses, but the debts of 750 billion rupees. All the earnings of the organization also go towards paying off the debts. Earlier there was support from the government on interest payment which has not been received since December due to which this problem has become serious.
Spokesman PIA said that due to the negative credit rating of Pakistan, PIA has been the most affected in the corporate sector because it is an international organization of Pakistan with 70 to 80 percent of its expenses in dollars and most of Dealing is with foreign companies.
He said that we do not want a bailout package, but we want a balance of support from the government. Besides, we want to implement the comprehensive plan of PI restructuring that was made by the former government.
