ISLAMABAD - The issues faced by Pakistan International Airlines (PIA) seem to be never-ending as another challenge has popped up.
The national carrier is unable to retrieve two of its planes stranded in Indonesia for which the federal government has now sprung into action.
The government has decided to take up the matter with Indonesian authorities regarding the leasing dispute of two Pakistan International Airlines (PIA) A320 planes stuck in Indonesia for two years.
The planes are parked in the Indonesian capital Jakarta and apparently, the top management of the flag carrier is unable to retrieve the planes.
As per the latest decision, the federal government has decided to intervene for which a high-profile delegation would be sent to Indonesia.
The delegation will be headed by the secretary aviation to negotiate with the leasing company AirAsia and PIA CEO and Director Engineering will also be part of the delegation.
The PIA spokesperson confirmed the forthcoming visit of the aviation secretary-led delegation on Sunday to resolve the dispute with AirAsia, Ary News reported.
According to the spokesperson, two Airbus 320 planes of the national flag carrier have been parked in Jakarta since September 2021 due to a leasing dispute though complete details regarding the dispute have not been revealed yet.
It bears mentioning that the national flag carrier of Pakistan is battling multiple challenges at the moment, the most important of which is financial viability.
According to a report recently unveiled by the Civil Aviation Authority, Pakistan International Airlines (PIA) ranked fifth in domestic flights in punctuality, reflecting the mismanagement of the national flag carrier’s leadership.
The departure ratio of domestic PIA flights was recorded at 58.24% - on-time departures and arrivals of PIA flights were probably the worst in the airline’s history - implying what's wrong with the carrier currently battling to survive and failing to attract flyers.
The deterioration of the national carrier was also reflected in the airline's own report for 2023 according to which it suffered a loss of Rs60.71 billion in the first six months of the ongoing year. PIA - once seen as a model of success by competitors like Emirates - put up with a loss of Rs41.31 billion in the corresponding period last year.
There have been demands for privatizing the national carrier due to its economic nonviability. Former Aviation Minister Khawaja Saad Rafique also stressed the importance of privatizing the carrier or else it would have to shut operations.
In the final days of the PDM regime, it was also decided to privatize loss-making Pakistan International Airlines during a meeting of the Cabinet Committee on Privatization chaired by then Finance Minister Ishaq Dar.
The committee “after deliberation decided to include Pakistan International Airlines Co. Ltd. in the list of active privatization projects of the ongoing privatization program, following an amendment in the law by the Parliament,” a finance ministry statement had said.
Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Sunday.
On Sunday, the US dollar was being quoted at 283.4 for buying and 285.95 for selling.
Euro comes down to 307 for buying and 310 for selling. British Pound rate remains unchanged at 358.5 for buying, and 362 for selling.
UAE Dirham AED witnessed slight drop and new rate stands at 77.2 whereas the Saudi Riyal remained stable at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.37||36.72|
|New Zealand Dollar||NZD||175.33||177.33|
Gold prices decreased in local markets in line with the trend in the international market.
On Sunday, the price of a single tola of 24-karat gold stands at Rs216,300, and 10 grams of 24k gold costs Rs185,450.
Single tola of 22 Karat Gold price costs Rs198,274, 21 karat rate per tola costs Rs189,263 and 18k gold rate is Rs162,225 for each tola.
In the global market, gold prices hovers around $2,004 per ounce, after drop of $23.35 on Sunday.
|Lahore||PKR 216,300||PKR 2,486|
|Karachi||PKR 216,300||PKR 2,486|
|Islamabad||PKR 216,300||PKR 2,486|
|Peshawar||PKR 216,300||PKR 2,486|
|Quetta||PKR 216,300||PKR 2,486|
|Sialkot||PKR 216,300||PKR 2,486|
|Attock||PKR 216,300||PKR 2,486|
|Gujranwala||PKR 216,300||PKR 2,486|
|Jehlum||PKR 216,300||PKR 2,486|
|Multan||PKR 216,300||PKR 2,486|
|Bahawalpur||PKR 216,300||PKR 2,486|
|Gujrat||PKR 216,300||PKR 2,486|
|Nawabshah||PKR 216,300||PKR 2,486|
|Chakwal||PKR 216,300||PKR 2,486|
|Hyderabad||PKR 216,300||PKR 2,486|
|Nowshehra||PKR 216,300||PKR 2,486|
|Sargodha||PKR 216,300||PKR 2,486|
|Faisalabad||PKR 216,300||PKR 2,486|
|Mirpur||PKR 216,300||PKR 2,486|