Pakistan International Airlines under Rs.1.1 trillion debt

Pakistan International Airlines (PIA), the country's national carrier, is under a debt of Rs.1.11 trillion, an official said.

PIA managing director Ijaz Haroon told the subordinate committee of the parliamentary Standing Committee on Defence here that so far PIA is under a debt of Rs1.11 trillion with a holding of Rs.16 billion only in the form of assets, the News International reported Tuesday.

The meeting was held to review the five-year revival plan for PIA.

Haroon said that PIA had a deficit of Rs.41.7 million in the last two years.

Regarding the revival plan, Haroon told the committee that the company plans to purchase 16 new planes.

He added that they had already started to cut operational expense as well as the repair and maintenance.

The top official said that the government should review its open skies policy that was formulated in 1992. He said that due to the policy, which allows airlines from central Asian countries to take passengers on board from Pakistan, was affecting PIA business.

PIA, which was started in 1955, today operates a range of aircraft, ranging from Boeing 777 to the Airbus A-310.