KARACHI
\nDue to the country\u2019s negative credit rating and dependence on the State Bank for foreign exchange, international organizations refused to go along with Pakistan International Airlines (PIA). Due to the lack of attention from the coalition government, the national flag carrier is grappling with one of the most severe financial crises in history.
\nAccording to the sources, PIA\u2019s four Boeing 777 and five Airbus 320 aircraft are feared to be grounded due to its inability to meet financial obligations. Leasing companies have declined to collaborate with PIA, citing concerns about the country\u2019s CCC credit rating.
\nInternational institutions believe that PIA\u2019s risk exposure has increased due to delays in lease payments, and they are concerned that PIA may need approval from the state-owned bank \u2013 State Bank of Pakistan \u2013 for its international financial transactions, which could erode confidence in the national airline.
\nFurthermore, the fate of PIA\u2019s restructuring plan, announced by the previous government but left unimplemented, remains uncertain.
\nThe coalition government\u2019s lack of attention to this precarious situation has exacerbated PIA\u2019s financial woes, leaving it struggling to meet its financial commitments, including critical payments.
\nIt is worth mentioning here that Pakistan International Airlines (PIA) chas made appointments of staff in the United Kingdom (UK) despite facing a severe financial crisis.
\nThe national flag carrier is facing a ban in direct flights to the United Kingdom (UK) for three years. Despite the financial crisis and the ban, the national airline appointed officers and staffers on high salaries.
\nIt was learnt that the PIA country manager will receive a salary worth \u00a370,000, whereas, the annual salary of the passenger sales manager was fixed at \u00a355,000 and \u00a355,000 for the finance manager.
\nAdditionally, a manager was appointed at the Manchester station on an annual salary worth \u00a355,000 with other perks.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Due to the country\u2019s negative credit rating and dependence on the State Bank for foreign exchange, international organizations refused to go along with Pakistan International Airlines (PIA). Due to the lack of attention from the coalition government, the national flag carrier is grappling with one of the most severe financial crises in history. According […]<\/p>\n","protected":false},"author":2,"featured_media":283407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-353515","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n