Islamabad: Pakistan International Airlines (PIA) will submit a five-year ‘Strategic Business Plan 2019-2023’ to the government by March.
PIA CEO Air Marshal Arshad Malik while addressing a press conference said that plan is currently being developed, comprises of cost-cutting and money generation thorough analysis of the market, right operations, work centre, flights and routes for the revival of the national carrier.
PIA’s financia framework will be re-planned through government’s assistance and support and at the same time the current fleet will be reviewed and the purchase of new crafts will be decided.
While explaining the fiscal health, it was revealed that currently it is running at a loss of Rs 3 billion per month and the loss will be successfully lowered down.
The total losses have risen to Rs 431.1bn, while loans/ have risen up to Rs 247.7bn.
The government is to announce a new aviation policy in February to boost PIA’s business, he said. Prime Minister Imran Khan has given this task of drafting a new aviation policy to Privatisation Minister Mohammad Mian Soomro and the Secretary Aviation.
The Open Skies policy of the previous government brought nothing but the loss to the national carrier.
“PIA’s 550 weekly international flights were brought down to 101 flights. Foreign carriers took away the business from 101 flights per week to 555 flights per week. These airlines are supported by their respective governments, particularly the Gulf carriers which get fuel subsidy whereas PIA does not get any subsidy. How can PIA compete with other airlines in the market,” he posed a question.
Now the Europe flight time will be reduced by one hour, previously it did not fly on the territories of Iran and Turkmenistan and the cost of fuel was increased to void the payment of fee to fly in their boundaries. This problem has now been settled by PAF chiefs and army.