Pakistan International Airlines (PIA) is experiencing a serious financial problem, raising questions about how it will continue to operate aeroplanes despite growing debt.
PIA flight operations at risk: The Federal Investigation Bureau (FBR) froze the national flag carrier’s bank accounts, making it impossible for the national airline to make the necessary payments.
The huge sum of more than Rs 24 billion owed to Pakistan State Oil (PSO) is one of the significant unpaid balances that has become an urgent cause of worry.
On July 25, PIA sent PSO a meagre Rs 156 million as its final payment. However, this payment itself experienced some problems and came through after the due date had passed.
The Chief Financial Officer of PIA has promised to make the payment today in an effort to address the problem and reassure PSO of its commitment to meeting obligations.