PIA loss swells to Rs10 bln due to fuel crisis

KARACHI: Pakistan International Airlines (PIA) has suffered a ‘loss’ of Rs10 billion due to the current fuel crisis that led to the suspension of over 800 flights, ARY News reported on Tuesday.

According to the Secretary General of Pakistan International Airlines Senior Staff Association, Safdar Anjum the current management of the national flag carrier is responsible for the huge loss to the already loss-making government entity.

He demanded to sack the current chief executive officer (CEO), chief financial officer (CFO), and director of engineering PIA over the fuel crisis that caused a loss of Rs10 billion.

Meanwhile, following the agreement between Pakistan State Oil (PSO) and Pakistan International Airlines (PIA), the flight operation is returning to normalcy.

Overall, the national flag carrier will operate 45 to 50 flights today.

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Earlier, the Economic Coordination Committee (ECC) of the Cabinet approved a Rs. 8 billion bridge financing package for Pakistan International Airlines (PIA).

The financing will be provided through the Civil Aviation Authority’s (CAA) resources to meet PIA’s urgent overdue payment obligations.

The Economic Coordination Committee allowed the Aviation Division to proceed with the bilateral arrangement between the Civil Aviation Authority (CAA) and Pakistan International Airlines.