Non-core Functions of PIA to be Completely Separated by December 2020

[Abbas Ali]

a committee led by finance secretary Naveed Kamran Baloch has been assigned to finalise within this month financial restructuring of PIA’s Balance Sheet which is overloaded with government guarantees and local and international loans and liabilities. On top of that, non-core functions of the airline would be completely separated by December 2020.

Source: https://www.dawn.com/news/1572690/pia-e ... ion-scheme

[Abbas Ali]

Adviser to Prime Minister on Institutional Reforms and Austerity Ishrat Husain emphasised that the only viable option for reviving the national carrier was to split it into two companies.

It would lead to the creation of a new core business operating company without any debt and liabilities, which would be able to acquire loans without any sovereign guarantees, and the setting up of a non-core business where all debt and liabilities would be parked, he said.

Several factors were highlighted that had caused losses to PIA for years. These included old aircraft with poor seating arrangement, no entertainment system, flying to unprofitable destinations, overstaffing, union activity and corruption.

https://tribune.com.pk/story/2268383/co ... oss-to-pia