NAC pays Rs 730 million to EPF and CIT

Published On: October 18, 2022 07:00 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Oct 18: Nepal Airlines Corporation (NAC) has paid more than Rs 730 million towards the installment of debt obligations it owed to the Employees Provident Fund (EPF) and Citizen Investment Trust (CIT).

Joint Spokesperson at NAC Ganesh Kumar Ghimire said that the airlines paid Rs 730.95 million last time on October 17 as part of the payment of the debt owed EPF and CIT for the purchase of the aircrafts.

The airlines paid Rs 530 million to EPF for the loan and interest for the body of narrow body aircraft. Similarly, an amount of Rs 200 million has been paid in installments for the loan liability for the purchase of a wide body aircraft to the CIT.

Earlier on July 14, the airlines had paid Rs 1.35 billion to EPF and CIT. Ghimire said that the income of NAC has improved as all four aircrafts for international flights are flying regularly at full capacity. 

NAC had taken a loan of around Rs 37 billion for both the purchase of wide body A-330 and narrow body A-320 aircrafts. It is said that debt and interest have increased and the payment liability has reached almost Rs  45 billion.



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