PIA faces financial crisis, seeks restructuring, privatization
The organization has no other option but to divest its core business and physical assets to pay all the liabilities.
Islamabad: Pakistan International Airlines (PIA) is grappling with a severe financial crisis, prompting the institution to consider divesting its core business and physical assets to settle its mounting liabilities.
The government is contemplating the creation of two separate entities – one for core operational activities and another for asset maintenance.
Additionally, a holding company will oversee all remaining assets.
PIA's accumulated losses have now surpassed Rs743 billion, with some insiders suggesting that this figure does not even include outstanding tax dues of Rs50 billion to the Federal Board of Revenue (FBR).
As the restructuring process commences, the government is concurrently exploring privatization options.
PIA has already engaged a consultant to oversee its restructuring and has begun soliciting applications.
Under the proposed restructuring, PIA will be split into two entities.
The first entity will handle core operations, including operating PIA aircraft on various routes. After restructuring, this entity will be privatized.
A holding company will be formed to manage physical assets and liabilities.
Government sources have indicated that the government's financial guarantee to PIA has been capped at Rs263 billion, and it recently secured guarantees of Rs17-18 billion from domestic banks.
Sikhs protest outside UN's headquarter in New York
Sikh Community held protest against Hardeep Singh Nijjar's killing.
New York, USA: Members of the Sikh community gathered outside the United Nations headquarters in New York to protest against India in response to the recent killing of Hardeep Singh Nijjar.
During the demonstration, protesters chanted slogans condemning Indian Prime Minister Narendra Modi and called for the perpetrators of Hardeep Singh Nijjar's murder to face severe punishment.
The assassination of Hardeep Singh Nijjar has reignited the Khalistan movement, leading to heightened Sikh protests on a global scale.
Meanwhile, in the wake of Sikh leader Hardeep Singh's killing in Canada, the Federal Bureau of Investigation (FBI) in the United States has issued warnings to Sikh leaders in the country, cautioning them about potential assassination threats.
It's worth noting that Hardeep Singh was recently murdered in Canada, and Canadian Prime Minister Justin Trudeau publicly accused India of being involved in the assassination.
According to reports from The New York Times, American intelligence agencies played a role in investigating Hardeep Singh Nijjar's murder, and based on their information, Canada concluded that India was linked to the Sikh leader's killing.
PMD predicts rain, snowfall in various districts of KPK
Pakistan Meteorological Department predicted snowfall in upper districts in KPK.
Khyber Pakhtunkhwa: The Pakistan Meteorological Department (PMD) has issued forecasts predicting rain and snowfall in several districts of Khyber Pakhtunkhwa.
The department forecasts a new bout of rain and strong winds starting this evening and continuing until September 30, with potential snowfall in upper districts.
Anticipated regions for rain include Chitral, Dir, Abbottabad, and GB from September 28 to 30.
In addition, rainfall is expected in Islamabad, Rawalpindi, Peshawar, Zhob, Barkhan, Dera Ghazi Khan, Multan, Bahawalpur, and Bahawalnagar from September 28 to 29.
These showers are likely to result in a significant temperature drop.
The Provincial Disaster Management Authority (PDMA) has issued warnings regarding potential landslides in upper districts and urban flooding in low-lying areas due to the anticipated rainfall.
PDMA has instructed district administrations to remain vigilant and prepared to respond to any weather-related situations.
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