KUALA LUMPUR, MALAYSIA – A Malaysian court has ordered the seizure of a Pakistani International Airlines (PIA) Boeing 777 aircraft with registration number BMH over a lease dispute worth $4m. The move by the Malaysian authorities is the second time PIA plane has been impounded in Malaysia.
The Pakistani carrier has been embroiled in legal disputes over the past year, with a plane carrying passengers impounded in 2021. The plane had been prevented from taking off after passengers had already boarded. Pakistani officials assured their Malaysian counterparts that they would settle the dispute, and the plane was subsequently released.
According to a PIA spokesperson, the plane is owned by the airline, and the engine lease firm had submitted “false facts and figures” to win a stay, arguing that the company has already cleared any dues and has sought legal action on the matter. The PIA spokesperson further added that the PIA “does not lay down their arms” in such situations.
While the dispute seems to be over a relatively small amount of money, it takes place in the context of Pakistan’s deepening economic crisis. Pakistan’s government has already put embassy properties up for sale in many countries to help cover the country’s debts. There have also been reports that staff at the embassy in Argentina has gone unpaid for several months, and similar reports coming out of Siberia. Moreover, experts are warning that Pakistan could face a financial crisis similar to Sri Lanka, which could lead to the fragmentation of the country.
Pakistan has long been struggling with a massive debt burden that has made it difficult for the government to pay for its expenses. The country’s foreign reserves have been declining, and Pakistan has been forced to borrow heavily from international lenders to pay for imports and debt service. There is also a growing concern that Pakistan’s economy could collapse if the government cannot service its debts.
In conclusion, Pakistan International Airlines is facing yet another setback with the impounding of one of its planes due to unresolved payment disputes. The economic situation in Pakistan has been worsening, and the government has been scrambling to cut costs and raise revenue to meet its financial obligations. Unfortunately, it seems that the country’s mounting debt burden has begun to catch up with it, and the government will need to take drastic measures to avoid a disastrous economic collapse.
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