ISLAMABAD: Pakistan International Airlines (PIA) has incurred a staggering loss of approximately Rs 220 billion over the past four and a half years due to the ban on flight operations, particularly on European routes, ARY News reported citing sources.
According to sources within the Privatization Commission, the national flag carrier has been severely impacted by the restrictions.
The ban on PIA flights to European destinations has resulted in a significant loss of revenue, with the airline’s financial woes exacerbated by the COVID-19 pandemic.
The Civil Aviation Authority has also suffered a loss of around Rs 250 billion due to the ban on European routes.
However, sources within the Privatization Commission have revealed that efforts are underway to restore PIA’s routes to the UK before privatization. The successful restoration of these routes is expected to be a huge milestone in the privatization process.
Additionally, negotiations are ongoing for the sale of PIA under the GTJG agreement.
Yesterday, in a major development, Aviation Minister Khawaja Asif said that the European Union (EU) has lifted the ban on PIA flights to Europe.
According to Asif, the European Aviation Authority on Friday accepted the Civil Aviation Authority’s (CAA) request to lift the ban on PIA flights to the EU.
Read More: PIA privatisation: Private companies seek details on airline’s operations
Khawaja Asif stated that the removal of the ban will help expedite the PIA privatization process, as the rating of the national flag-carrier has significantly improved.
In a statement issued on X, the aviation minister wrote: “It is a momentous day to announce that European Commission and European Union Aviation Safety Agency (EASA) has lifted the suspension on PIA flights to Europe.”
The development came after a comprehensive review by the EU Air Safety Committee, which involved an on-site evaluation of the Pakistan Civil Aviation Authority (PCAA) and sample assessments of Pakistani air carriers.
Pakistan International Airlines (PIA) – News and Updates – ARY News
It is pertinent to note here that the UK and several other EU countries suspended PIA’s flight operations due to concerns about the authenticity of pilot licenses in 2020.
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