The global airline industry body has warned that debt-ridden Pakistan has become “very challenging” for foreign air carriers as USD 290 million of funds were stuck in the country as of January, a media report has said. Pakistan, currently in the throes of a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves.
Analysts believe the country is at risk of default. The International Air Transport Association (IATA) said USD 290 million of funds were stuck in the country as of January this year, up nearly a third since December last year, according to the Financial Times newspaper report on Thursday.
