The troubled financial situation at Pakistan International Airlines has worsened in recent days. At times you only received fuel at night in exchange for immediate cash payment because the oil company with which you have a contract refused to deliver on account.
The result: many flights have to be canceled. The contractual partner of Pakistan International Airlines is the state-owned Pakistan State Oil. It happens again and again that this company switches deliveries to immediate cash payments at short notice because, according to local media, the airline is said to be accumulating high levels of debt.
A payment agreement has now been concluded, but this also means that Pakistan International no longer has as much kerosene as it needs for regular flight operations. Therefore, operations had to be further restricted. Only recently, state-affiliated banks granted the airline a loan. According to reports, this was mainly used to settle wage debts.
But the money isn’t supposed to be enough, because it has now become known that the management turned to both the Ministry of Finance and credit institutions and asked for another emergency loan. Without this, flight operations could not be maintained in the long term. The government will not provide fresh money, but has signaled that it might accept state liability for loans made by banks.
The post Pakistan: PIA’s financial situation remains severely strained appeared first on Aviation.Direct.
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