PIA’s financial crisis: fleet feared to shrink to 15 planes

ISLAMABAD: Amid worsening financial condition, Pakistan International Airline (PIA) fleet is feared to be reduced to 15 operational planes if it fails to get an immediate and immense financial assistance from the government.

Out of PIA’s 35 planes fleet, 20 aircraft are operational and the remaining 15 aircraft are grounded. Nine planes out of these, including two Boeing, four A320 and three ATR, have been acquired on lease. Two planes are also stuck in Jakarta due to the lack of agreement with the leasing company.

Out of the four grounded ATR aircraft, three ATR 72 planes are on lease. PIA wants to repair two aircrafts and hand them over to Pakistan Navy.

PIA’s path to recovery: Govt injects ‘critical funds’ to settle debts

The Economic Coordination Committee (ECC) meeting failed to take any decision regarding extending financial assistance to the national airline.

Meanwhile, the leasing company in the backdrop of Pakistan’s poor economic condition, has demanded back five more of its planes. It has already taken back two of the leased engines resultantly two of the PIA aircrafts were grounded.

If PIA returns these five ships, the number of operational ships in PIA’s fleet will be reduced to 15. Therefore, the national airline urgently needs a huge sum of money to repair its planes and pay for ground services, but the government is hesitant in this regard due to the prevailing economic crisis. – INP