Nepal Airlines Corporation owes over 55 billion to EPF, CIT

KATHMANDU:- The total amount of loans owed by Nepal Airlines Corporation (NAC) to the Employees Provident Fund (EPF) and the Citizens Investment Trust (CIT) has reached Rs 55.47 billion. It includes both principle and interests. The loans were taken to purchase airbuses. 

It was stated in the 63rd annual report of the Office of the Auditor General.

The national-flag carrier had in 2013 taken a loan of Rs 22 billion from the EPF and Rs 12 billion from the CIT in 2018 to purchase A-320 and A-330 aircrafts. Now, it owes Rs 31.33 billion to the EPF and Rs 21.12 billion to the CIT.

The loans were secured under the government guarantees.