April 20: Nepal Airlines Corporations (NAC) has made a payment of Rs 530 million to the Employees Provident Fund (EPF) and Citizen Investment Trust (CIT) on April 13. 

The payment is part of the installment of the debt obligation until the month of Chaitra, 2079.
According to reports, the NAC has already paid a total of Rs 2.94 billion for loan liability for the purchase of two narrow body and two wide body aircrafts for international flights. 

The NAC management has requested EPF and CIT to facilitate the payment of the loan and interest by increasing the number of installments and discounting the penalty and interest-on-interest incurred during the COVID-19 pandemic.

The pandemic has severely impacted the aviation industry, and NAC's business was hit hard. The management has written to EPF and CIT to consider their request for easing the loan payment process.

NAC has paid Rs 1.35 billion in the month of Ashad, 2079, Rs 730 million in Aswin, Rs 330 million in Paush, and Rs 530 million in Chaitra towards its debt obligation. The payment made in Chaitra is the latest installment made by the corporation.

The NAC management has also informed that they have been holding talks with EPF and CIT to ease the payment of loan and interest. With arrival of new management at the NAC, financial condition of the corporations is improving due to the rise of cash flow.