Tag: Financial Crisis
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Financial turmoil threatens PIA: Flight cancellations surge, salaries delayed
The Pakistan International Airline (PIA) faces an imminent crisis, as a high-ranking official from the national carrier has issued a warning that flight operations may be suspended by September 15th if emergency funding is not promptly secured.
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From ‘great people to fly with’ to ‘great debt to deal with’: PIA expected to ground several aircraft
Pakistan International Airlines (PIA) is facing a critical financial crisis, prompting the grounding of several aircraft due to difficulties in securing funds. This crisis has resulted in arrears with various stakeholders, including creditors, aircraft lessors, fuel suppliers, insurers, and airport operators. Boeing and Airbus are also on the verge of discontinuing spare parts supply by…
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PIA’s controversial decision: UK staff appointments on high salaries amid financial crisis
In a recent development, Pakistan International Airlines (PIA) has come under scrutiny for making new staff appointments in the United Kingdom (UK) despite grappling with a severe financial crisis and a three-year ban on direct flights to the United Kingdom (UK). According to ARY News, the national flag carrier, PIA, has faced mounting challenges in…
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Pakistan International Airlines faces potential Rs259 billion loss by 2030
Aviation Minister Khawaja Saad Rafique’s warning on the looming financial crisis of Pakistan International Airlines (PIA) has raised concerns. Find out about the proposed measures, privatization bill, and the critical importance of foreign direct investment in securing the future of the national carrier.
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Govt adds new radio fee and increases TV charges in electricity bills
The government has recently made a decision to introduce additional charges for the public in their electricity bills. These charges will include a fee for both television and radio services. This resolution was reached during a meeting of the Senate Standing Committee on Finance, with Salim Mandviwala as the chair.
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Majority of Pakistanis can’t make ends meet on current income, survey finds
In a recent consumer-based study conducted by Pulse Consultant in Pakistan, concerning findings have emerged regarding the financial state of individuals across the country. The study, which encompassed 1,180+ respondents from the top 10 cities of Pakistan, aimed to understand the ability of individuals to meet their monthly expenses in relation to their current income.…
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Turkey: Food prices surged by 89 per cent, transportation costs increased by 106 per cent
Turkey’s inflation rate skyrocketed to almost 70 per cent last month, creating a substantial challenge for President Recep Tayyip Erdogan, whose unusual economic strategies are frequently blamed for the country’s economic woes. Erdogan, defying economic conventional wisdom, insists that major interest rate cuts are essential to reduce spiralling consumer costs. Turkey’s consumer price index (CPI)…
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SriLankan Airlines plan to lease 21 aircraft draws criticism
A plan by Sri Lanka’s state-owned national airline to lease nearly two dozen aircraft has sparked public criticism and opposition condemnation as the country struggles with its worst financial crisis in decades. Sri Lanka is struggling with low reserves that have declined more than 70% over the past two years to $1.93 billion at the…
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Amid spiralling out crisis: Sri Lankan opp threatens govt of no-confidence motion
The main Opposition party in Sri Lankan parliament on Friday asked the government to resolve the raging economic crisis or face a no-confidence motion, as leaders of businesses from garments to tea and other industries warned that exports could fall up to 30% this year. The heavily indebted country has little money left to pay…
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State Bank of Pakistan hikes interest rate to 12.25% in an emergency meeting
Following an emergency meeting, the State Bank of Pakistan (SBP) raised interest rates by 250 basis points, as mounting political uncertainty and rising worldwide oil prices threaten to drive the country into a full-fledged economic catastrophe. The key rate is now 12.25 per cent, as per the latest statement released by the central bank on Thursday.…