KATHMANDU: Nepal Airlines Corporation (NAC) owes more than Rs 55.47 billion in loans to the Employees Provident Fund (EPF) and the Citizens Investment Trust (CIT), including both principal and interest payments.
The outstanding liabilities were disclosed in the 63rd annual report of the Office of the Auditor General.
According to the report, the national flag carrier borrowed Rs 22 billion from the EPF in 2013 and Rs 12 billion from the CIT in 2018 to purchase Airbus A320 and A330 aircraft.
At present, NAC owes Rs 31.33 billion to the EPF and Rs 21.12 billion to the CIT. The loans were secured under government guarantees.
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