Islamabad: Pakistan has suffered heavy financial losses after shutting its airspace to Indian-registered aircraft, with the Pakistan Airports Authority (PAA) losing over Rs 1,240 crore (PKR 4.1 billion) in just two months, according to Pakistani media reports.

According to the report published in the Dawn citing an official statement by the country’s Defence Ministry, the country’s Defence Minister Khawaja Mohammad Asif confirmed that due to the ban, which came into effect on April 24, the country had suffered a massive loss in overlying revenue.

Pakistan has revoked flight permissions for all Indian-registered aircraft. The ban is also applicable for those operated, owned, or leased by Indian carriers.

The move came in response to India’s suspension of the Indus Waters Treaty after the deadly April 22 terror attack in Jammu and Kashmir’s Pahalgam, in which 26 people were killed.

Reports claim that PAA’s revenue from overflying charges dropped between April 24 and June 30, affecting 100-150 Indian aircraft daily and slashing Pakistan’s transit air traffic by almost 20%.

Pakistan has extended the closure of its airspace to Indian aircraft till August 24. “The ban will now remain in place until 4.59 am on August 24. Pakistani airspace not available for Indian-registered aircraft and aircraft operated, owned, or leased by Indian airlines/operators, including military flights,” a NOTAM issued by the PPA reads.