Source::Image: © www.zbordirect.com
The Nepal Airlines Corporation (NAC) has repaid 1.35 billion to the Employees' Provident Fund (EPF) and Citizen Investment Trust (CIT), which was taken as a loan to purchase aircraft for the national flag carrier. On July 14, the funds were credited to EPF and CIT.
The payment is a fraction of NAC's instalment that has been overdue for approximately 1.5 years and is due to the EPF and CIT.
It is asserted that the NAC could meet its financial obligations due to an increase in business brought on by an increase in flight occupancy rate during the previous few months.
NAC spokesperson Archana Khadka stated that the EPF was repaid Rs 900 million, which was used to purchase narrow-body and wide-body aircraft.
Similarly, Rs 450 million was repaid to CIT as an instalment paid during the purchase of NAC wide-body aircraft.
Due to a drop in revenue after the COVID-19 outbreak, the NAC could not pay the instalment amount back on schedule.
Also Read
Himalayan Airlines Expands Its Footprint In Gulf With New Flight To Kuwait
Emirates Adds Flights To Meet Demand
TIA Expands Domestic Flight Time To 18 Hours From Tomorrow
