PAKISTAN International Airlines, once a globally respected carrier, is now burdened with severe financial and operational troubles. Established in 1955, PIA led many aviation innovations but has since faltered due to political interference, financial mismanagement, an ageing fleet, and an excessively large workforce — currently with 500 employees per aircraft, which far exceeds global norms. Consequently, PIA’s liabilities have surged to Rs830 billion, and it posted an annual loss of Rs112bn in FY 2023-24.
Despite these difficulties, PIA still holds valuable assets, including the Roosevelt Hotel in New York, Sofitel Hotel in Paris, and prime domestic real estate. It also retains international landing rights and an expansive route network. However, efforts by the Privatisation Commission to sell a 60 per cent stake in PIA, valued at Rs85bn, failed due to the complex nature of the airline’s financial condition.
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