Nine PIA aircraft grounded due to "spares shortage"

KARACHI: The delay in privatisation of Pakistan International Airline (PIA) has put pressure on the administrative affairs of national carrier as nine aircraft have been grounded, ARY News reported.

Sources privy to the development said that out of 31 planes in the fleet, nine aircraft have been grounded due to the non-availability of spare parts. The grounded aircraft includes five Airbus-320, three Boeing-777 and one ATR craft.

Uncertainty persisted about the future of the national airline as it is mostly relying on the State Bank of Pakistan, sources claimed, adding that leasing companies have termed Pakistan’s CCC rating against business policies.

The other two airlines also came under operational pressure due to negative ratings and lack of foreign exchange reserves. The PIA still owes more than $10 million in international payments.

Sources added that leasing and spare parts companies were charging a risk exposure premium on payments.

Earlier on January 10, Caretaker Prime Minister Anwaarul Haq Kakar directed the authorities concerned to expedite the privatization process of PIA, the national flag career.

In a meeting with his Adviser on Aviation Air Marshal (retd) Farhat Hussain, the prime minister emphasized ensuring transparency in the process of privatization.

PM Kakar said privatization of state-owned enterprises was on priority for the government to save the national exchequer from further financial losses.