PIA undergoing financial restructuring to deal with

Rs450bn Debt

Analysis:
Pakistan International Airlines (PIA) Chief Executive Officer (CEO) Air Marshal Arshad
Malik said on Thursday that financial restructuring of the nation airline is underway as
the govt is committed to clearing its debt of Rs450 Billion. The PIA CEO said this while
addressing a ceremony at the Lahore Chamber of Commerce and Industry.

In the ceremony Malik said the airline had reduced the numbers of domestic flights after
observing that the people had started using roads following the constructions of the
motorways. He added the PIA made a profit in September and October and we will only
maintain those routes where business is high.

Malik also said in the ceremony that every Pakistani knows that PIA is overstaffed. One
solution is to fire them but we are trying to manage this in a responsible way. Malik Also
said that they are taking strict actions against those who are not on merit besides those
with fake degrees.

Malik also said despite financial constraints in the wake of Covid-19 crisis. PIA did not
terminate a single employee.

He also said that unlike in the past all decisions are now being taken by mutual
understanding and there is no political interference at all. Malik said PIA is upgrading its
fleet to ensure maximum facilities for the passengers.

On fake licenses of pilots Actions has been initiated by the Civil Aviation Authority
(CAA).
Malik also admitted that the report on the Havelian accident came in late but said that
the airline has improved its engineering setup.

Malik concluded PIA is not panicking steps are only being taken to facilitate the
passengers. We have not received any subsidy from the Government for a year.