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Pakistan International Airlines on the brink
Pakistan International Airlines’ (PIA)could be on the verge of ‘total collapse.’
It has been cutting dozens of flights daily for several days due to the lack of jet fuel.
As of Wednesday, more than 300 flights have been cancelled.
Pakistan State Oil reportedly suspended fuel deliveries due to unpaid dues, although this has been denied.
The flag carrier has long been seeking another government bailout.
However, the country itself is drowning in debt.
The political and economic uncertainty has sparked huge inflation and fuel prices have surged.
This has in turn led to widespread protests, causing more turmoil.
In the current climate there seems to be little chance of financial help from the government to get Pakistan International Airlines back on its feet.
The airline has a credit line with the fuel supplier but it is thought that has been exhausted.
It still has some fuel reserves and is still running certain international routes such as to Istanbul and Toronto.
PIA is on the market for privatisation but it is unlikely to happen until early to mid 2024 at least due to the general election.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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