PIA debt restructuring talks begin

They reported that the committee held two meetings on consecutive days and has been tasked with finalising the debt restructuring plan within two weeks. As of the end of August, these six banks have collectively provided Rs230 billion in loans to PIA, including Rs193 billion in domestic debt. PIA requires Rs3.1 billion per month to service its external debt of Rs109 billion and Rs7.5 billion for servicing its domestic debt of Rs260 billion as of the end of August. Albaraka Bank has provided a Rs9 billion loan, and Soneri Bank’s exposure to PIA is Rs5 billion, according to sources. Sources stated that PIA immediately needs Rs15 billion to remain operational, but commercial banks are reportedly reluctant to provide the loan in the midst of discussions about debt restructuring.