Nepal Airlines pays 730 million to Employees Provident Fund and Citizens Investment Trust

KATHMANDU, Oct 19: Nepal Airlines Corporation (NAC) has paid the amount for the installment of the debt obligation to be paid to the Employees Provident Fund (EPF) and Citizen Investment Trust (CIT).

According to NAC, in the case of Employees' Provident Fund and Citizen Investment Trust, they have paid Rs.530 million. In the case of the Citizen Investment Trust, 200 million rupees have been paid towards the installment of loan liability for the purchase of the widebody plane. According to the NAC, a total amount of 739 million 55 thousand 281 installments has been paid to both of them.

For the past three years, NAC has not been able to pay the debt obligations of the Employees' Provident Fund and Citizen Investment Trust.

NAC started repaying the loan after the increase in income due to regular flights and improvement in occupancy rate. Earlier, the NAC had also paid 1.35 billion rupees towards the installment of debt obligations to be paid to the Employees' Provident Fund and the Citizens' Investment Trust on July 14.