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PIA’s several flights cancelled, delayed amid liquidity crisis

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KARACHI: Pakistan International Airlines (PIA), which is facing serious cash flow problems, cancelled several domestic and international flights.

A top official of the national flag carrier earlier told Geo News that that flight operations are feared to be suspended by September 15 (today) if emergency funds are not provided. 

On August 12, a number of domestic flights to and from Karachi were cancelled due to a shortage of funds and the failure to pay Pakistan State Oil (PSO) for fuel supply.

According to the Jinnah International Airport schedule today, PIA flights from Karachi to Bahawalpur (PK588 and PK589) and Karachi to Lahore (PK302 and PK303) have been called off.

Karachi to Islamabad flight (PK368) has been delayed for three hours while Karachi to Lahore (PK304) is delayed by eight-and-a-half hours. 

PIA flights to and from Karachi and Rahim Yar Khan (PK582 and PK583) were cancelled while Karachi to Multan (PK330) and Dubai (PK213)  delayed by two hours. 

Other than that, the flight from Islamabad to Karachi (PK301) is cancelled, Islamabad to Riyadh (PK753) is delayed by three hours and Lahore to Karachi (PK305) is delayed by two-and-a-half hours.

PIA’s financial woes

On September 7, the PIA had said it grounded five out of its 13 leased aircraft with further prospect of grounding four additional planes due to the prevailing financial crunch.

The PIA had asked for an emergency bailout of Rs22.9 billion which was rejected by the Economic Coordination Committee (ECC).

The ECC also rejected the request for deferment of the payments of Rs1.3 billion per month, which PIA pays to FBR against FED and Rs0.7 billion per month which PIA pays to the Civil Aviation Authority (CAA) against embarking charges.

The airline had also warned that Boeing and Airbus might suspend the supply of spare parts by mid-September.

Last month, the Federal Board of Revenue of Pakistan (FBR) froze 13 PIA bank accounts due to non-payment of Rs8 billion in FED.

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SIFC Initiates Carbon Market Initiative: Pakistan Pursues Green Investment at COP29

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Pakistan has introduced its inaugural Carbon Market Policy at the 29th Conference of the Parties in Baku to attain climate objectives and encourage green investments.

The policy seeks to enhance investment in the energy, agriculture, and forestry sectors.

Through the initiatives of the Special Investment Facilitation Council, Pakistan has developed a transparent carbon market framework that adheres to international norms.

The policy conforms to international standards and establishes a definite strategic orientation.

Pakistan’s carbon market policy promotes environmental conservation, economic development, and sustainability.
It promotes the use of eco-friendly technologies by enterprises and the reduction of greenhouse gas emissions.

The policy represents a substantial advancement in the worldwide effort to combat climate change. It encourages international investors and organizations to participate in Pakistan’s carbon market.

SIFC aims to mitigate environmental concerns while promoting economic growth via the Global Carbon Market.

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When the benchmark hits 109,881 points, the PSX-100 index sets a new record.

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During the first hour of trading today, the Pakistan Stock Exchange (PSX) made a stunning comeback, moving from negative to positive territory. After losing 1,400 points, the market recovered and gained 800 points.

Setting a new high, the benchmark KSE-100 Index jumped 827 points to a record-breaking 109,881 points. Restored investor confidence was also reflected in the market’s return to its crucial levels of 108,000 and 109,000 points.

Supportive government policies and recent strong economic data are credited by experts with this success, as they have improved market mood.

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Business

The Transformation Model of Saudi Arabia: Aurangzeb Stresses Policy Continuity and Takes Advice From KSA.

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The Saudi Fund for Development, acting on behalf of the Kingdom of Saudi Arabia, has extended the three-billion dollar deposit’s maturity date by one year, to December 5, 2024.

The specified sum is now in the custody of the State Bank of Pakistan.

The extension of the deposit period is an extension of the assistance that the Kingdom of Saudi Arabia has been giving to Pakistan, which will help to bolster the nation’s foreign exchange reserves and boost its economic development.

The USD 3 billion deposit agreement was first signed with SFD in 2021 and then extended in 2022 and 2023 following the royal directions that demonstrate the two brotherly nations’ continued strong ties.

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