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Pakistan International Airlines reports debt totalling USD11.6bn

24-Nov-2010 10:29 AM

Pakistan’s Subordinate Committee of the Standing Committee on Defence announced Pakistan International Airlines’ (PIA) overall debt has increased to PKR1 trillion (USD11.6 billion) against PKR16 billion (USD187 million) in assets (Khaleej Times Online, 24-Nov-2010). During the meeting PIA’s management also criticised the open sky policy and urged the Government to review it as it was adversely affecting the airline finances and one of the major reasons behind the huge losses.