Nepal Airlines Corporation settles pending dues to EPF, CIT

KATHMANDU: The Nepal Airlines Corporation (NAC) has repaid loan of Rs 1.35 billion to the Employees’ Provident Fund (EPF) and Citizen Investment Trust (CIT), which was taken 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 installment to be paid to the EPF and CIT, which was pending for almost one and a half years. An NAC official said the state-owned airline company managed to repay the amount thanks to its economic growth.
It is said the NAC succeeded in paying its fiscal liabilities after it saw robust business due to growth in flight occupancy rate since the past couple of months.
Spokesperson of NAC Archana Khadka shared that the the NAC repaid Rs 900 million to the EPF, which was taken to purchase narrow body and wide body aircraft.
Similarly, the NAC repaid Rs 450 million to CIT as an installment taken during the time of purchase of wide body aircraft for the NAC.
The NAC had failed to repay the installment amount in time after the COVID-19 outbreak due to reduced business.