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Friday 27 October 2023

Debt-ridden airline "on the brink"

If you have flights booked with Pakistan International Airways then you'd better keep your fingers, and toes, crossed.

The Pakistan flag carrier could be on the verge of ‘total collapse’, travel industry website TravelMole reports.

PIA has been cancelling dozens of flights daily for several days due to its lack of funds to purchase aviation fuel.

Some media reports said Pakistan State Oil has suspended fuel deliveries due to unpaid bills, although this has been denied.

PIA, which has been flying internationally since 1955, has been looking for another government bailout, but the Asian nation has serious debt issues.

Political and economic uncertainty has sparked inflation and fuel prices have surged.

This has in turn led to widespread protests, causing more turmoil.

PIA is currently on the market for privatisation but the fact it has cancelled over 300 flights over the past 10 days is unlikely to encourage potential buyers.

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