PIA Suffers Major Financial Hit Amid European Travel Restrictions
Pakistan International Airlines’ Financial Losses Due to European Travel Restrictions.PIA and the aviation industry have suffered over Rs. 450 billion in losses over the past four and a half years due to European travel restrictions.Sources said there are plans to also restore UK routes in the near future.
Pakistan International Airlines (PIA) and the broader aviation industry have collectively endured financial losses exceeding Rs. 450 billion over the last four and a half years due to European travel restrictions.
According to Privatization Commission sources, PIA alone accounted for losses of approximately Rs. 220 billion, while the Pakistan Civil Aviation Authority (CAA) attributed the remaining Rs. 250 billion to industry-wide setbacks resulting from the EU airspace ban on Pakistani carriers.
The recent lifting of these restrictions by the European Aviation Safety Agency (EASA) marks a significant development. CAA Director General Nadir Shafi Dar confirmed that Airblue has been granted Third Country Operator (TCO) authorization, allowing direct flights to Europe.
Sources revealed that restoring European routes is a key milestone in PIA’s ongoing privatization process. Plans are also in motion to resume operations to the UK, with efforts underway to restore PIA’s operational status to pre-restriction levels before finalizing its privatization.
The airline’s privatization negotiations are progressing under a government-to-government (G2G) framework, with further updates expected soon.
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Publish date : 2024-12-01 07:04:00
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