NAC repays long pending dues to EPF, CIT

KATHMANDU: Nepal Airlines Corporation (NAC) has repaid Rs 1.35 billion to the Employees Provident Fund (EPF) and Citizen Investment Trust (CIT). The NAC had taken a loan to purchase aircraft for the national flag carrier. The amount was credited to EPF and CIT on July 14. The payment comes as part of NAC's instalment to be paid to the EPF and CIT, which was pending for almost one and a half years. An official said the NAC managed to repay the amount thanks to its economic growth. NAC succeeded in paying its fiscal liabilities as it has witnessed robust business due to growth in flight occupancy rate for a couple of months, it is said. Spokesperson of NAC Archana Khadka shared that the EPF was repaid Rs 900 million, which was taken for the purchase of narrow body and wide body aircraft. Similarly, Rs 450 million was repaid to CIT as an instalment taken during the time of purchase of wide-body aircraft for the NAC. The NAC failed to repay the instalment amount in time after the Covid 19 pandemic due to reduced business. READ ALSO:

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