What are the reasons behind PIA's financial crisis?

 PIA's financial crisis is caused by a combination of factors, including:

1. Competition from emerging regional airlines
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2. Mismanagement
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3. Insufficient profitability
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4. Staff overburden
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5. Corruption
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6. Political interference
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7. Poor governance
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8. Uncontrolled fluctuations in the value of the national currency
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9. Soaring costs of fuel
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10. Dependency on foreign currency
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11. Accumulated debts
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12. Overdue lease payments
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13. Failure to pay for spare parts
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14. Lack of funds
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These factors have led to PIA's debt and liabilities standing at Rs 743 Billion ($2.50 Billion), which is five times more than the total value of its assets

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. The airline's losses for the last financial year (2022-23) stood at Rs 86.5 billion ($291 Million) 

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. PIA has grounded 11 aircraft due to lack of funds to buy spare parts, and the national flag carrier is facing serious financial challenges

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