PIA Clears Employees’ Salaries After Securing Rs. 17 Billion Bank Loan

Pakistan International Airlines (PIA) has successfully paid the salaries of its employees by securing a significant bank loan of Rs. 17 billion, alleviating financial concerns for the national flag carrier.

Key Developments:

  • Administrative matters at PIA are operating smoothly following the acquisition of the bank loan.
  • The secured funds will also facilitate payments to fuel suppliers and enable the purchase of spare parts for aircraft maintenance and repair.
  • In addition to employee salaries, payments for leased aircraft have also been resumed.
  • PIA currently faces substantial liabilities, totaling Rs. 743 billion or $2.5 billion, surpassing its total assets by five times, based on Bloomberg’s data.

Background: The financial stability of PIA has been a growing concern due to its significant financial liabilities. The recent loan acquisition has provided a temporary respite, but long-term financial sustainability remains a challenge for the airline.

Note: The figures and data mentioned are based on the latest available information.

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