Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    IShowSpeed Daniel La Belle race
    Videos

    IShowSpeed Beats Daniel La Belle in 40-Meter Race, Hits 41M Subscribers

    June 24, 2025 2 Min Read
    Cardi B new single Outside
    Videos

    Cardi B’s ‘Outside’ Single Sparks Buzz Over Offset and Stefon Diggs

    June 20, 2025 2 Min Read
    Squid Game Season 3
    Videos

    Squid Game Season 3: Final Trailer Unveils Epic Plot

    June 14, 2025 2 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: Critical Financial Crisis Grips PIA: 15 Planes at Risk of Grounding
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
PIA Bahrain's Country Manager
PhotoNews Pakistan > Business > Critical Financial Crisis Grips PIA: 15 Planes at Risk of Grounding
Business

Critical Financial Crisis Grips PIA: 15 Planes at Risk of Grounding

Web Desk
By Web Desk Published September 12, 2023 2 Min Read
Share
Pakistan International Airlines (PIA)
SHARE

Pakistan International Airlines (PIA) is grappling with a severe financial crisis that threatens to ground 15 of its planes if it fails to settle outstanding dues amounting to approximately Rs20 billion. These dues encompass fuel costs, federal excise duty (FED), and lease payments. The inability to meet these payments promptly could result in the suspension over 30 domestic flights.

The Ministry of Aviation commented on the critical state of affairs, noting that restructuring the PIA is a complex task expected to span a year, emphasizing the necessity to maintain the carrier’s operations during this period. Despite recently receiving a boost through the government-backed release of significant funds to settle prolonged debts and facilitate restructuring, the PIA continues to face financial turmoil.

Additional Financial Challenges

Just last week, PIA was forced to ground five of its 13 leased aircraft, possibly grounding four more, due to ongoing financial constraints. The carrier’s request for an emergency bailout of Rs 22.9 billion was denied by the Economic Coordination Committee (ECC), along with the plea to defer monthly payments to the FBR and the Civil Aviation Authority (CAA). Furthermore, PIA alerted that the non-payment of dues might lead Boeing and Airbus to halt spare parts supply by mid-September. This crisis is exacerbated by the recent move by the Federal Bureau of Revenue (FBR) to freeze 13 of PIA’s bank accounts over an unpaid FED amounting to Rs8 billion.

TAGGED:FeaturedPak­istan
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement

HBL Saving Made Easy
HBL Saving Made Easy

Recent Posts

International Driving Permit at Lahore airpot

Punjab Launches Pakistan’s First International Driving Permit Kiosk at Lahore Airport

Trump Musk Deportation

Trump Hints at Deporting Elon Musk Amid Feud Over Tax Bill

JCP Chief Justices 2025

JCP Approves Permanent Chief Justices for Four Pakistan High Courts

Post Archives

More Popular from Photonews

Ronaldo Al Nassr extension
Sports

“Al-Nassr Forver”, Cristiano Ronaldo Extends Al Nassr Contract

3 Min Read
Ben Duckett century
Sports

Ben Duckett’s Century Powers England to Historic Test Win Over India

3 Min Read
Musk Trump Bill
Top NewsWorld

Elon Musk Threatens Lawmakers Supporting Trump’s Big Beautiful Bill

5 Min Read
World

Trump Signals No Tariff Pause Extension, Plans Letters with Trade Penalties

On June 29, 2025, President Donald Trump announced that the U.S. will not extend the 90-day…

June 30, 2025
Entertainment

Love Island USA Season 7 Casa Amor Twist Introduces 11 New Bombshells

Love Island USA Season 7, streaming on Peacock, unleashed its iconic Casa Amor twist in June…

June 25, 2025
Sindh

TikTokers Arrested for Rs130M Robbery in Karachi’s PECHS Area

In a shocking incident on June 26, 2025, four siblings, known for their TikTok presence, were…

June 30, 2025
World

China Hosts Iran, Russia Defense Ministers at SCO Summit in Qingdao

China welcomed defence ministers from Iran, Russia, and other Shanghai Cooperation Organisation (SCO) members to Qingdao…

June 26, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?