PIA has maintained a healthy financial profile denominated in both Pak rupees and foreign currencies.
A PIA spokesman on condition of anonymity told that the airline was managing accounts in Pakistan and abroad and said that “just a single local bank account has enough funds to meet daily operating expenses.” It was also learnt that PIA had significant deposits to its name in a Middle Eastern and a North American Banks. The airline maintains more than two dozen accounts across the globe and the PIA spokesperson told that “no PIA cheque relating to Provident Fund had ever bounced and the Provident fund account has a balance of more than Rs. 26 billion invested for profits. The Salaries of the employees’ are paid at the end of each month directly into the bank accounts of the employees’. The outsourced employees are paid by the Service provider and not by PIA”.
The recent spade of ill informed media mongering regarding bankruptcy of PIA damaged the goodwill the National Flag Carrier enjoyed the world over.
PIA no where near a fiscal cliff
