PIA's outstanding debt rises to Rs190bn in FY24

August 16, 2024 (MLN): The outstanding domestic debt of Pakistan International Airlines Corporation (PIA) as a Public Sector Enterprise (PSE) increased by Rs5 billion or 2.7% to Rs190bn in FY24, according to the central bank’s latest data.

Notably, PIA's debt has decreased over the past six months. In December 2023, it stood at Rs191bn, indicating no further increase in borrowing.

The central bank’s data highlights that the total outstanding domestic debt and liabilities of PSEs clocked in at Rs2.52tr, which reflects a rise of 7.28% compared to last quarter and 8.25% on a year-on-year basis.

As per the division, the total debt amounted to Rs1.71tr, up by 0.65% QoQ and 1.13% YoY.

Meanwhile, liabilities were reported at Rs815bn, marking a significant rise of 24.43% QoQ and 27.15% compared to last year.

PSE debt as a percent of GDP was recorded at 1.6% in FY24, down from the proportion of 2% in FY23.

Further breakup of the data on debt reveals that after PIA, the Water and Power Development Authority (WAPDA)’s debt accounted for the highest at Rs106bn, showing increases both quarterly and annually.

Next in line was the Pakistan Steel Mills Corporation with Outstanding Domestic Debt standing at Rs40bn in FY24, relatively flat compared to previous comparisons.

The Oil and Gas Development Corporation (OGDC) reported a debt of Rs10 billion in FY24, while the remaining balance is attributed to other government-owned companies.

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