Govt forms committee to restructure PIA debt

MG News | October 24, 2023 at 06:34 AM GMT+05:00

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October 24, 2023 (MLN): Considering the financial health of the national flag carrier, the caretaker government on Monday constituted a committee to restructure the debt of Pakistan International Airline (PIA).

The committee will present a plan for restructuring/ re-profiling the existing debt stock of PIA and assess the exact financing requirements of PIACL for the period from October 2023 to March 2024 for optimal operations.

Mr. Shahid Iqbal. Ch, Head CIBG, NBP, Mr Fareed Ahmed Khan, Head CIBG, BOP, Ms Urooj ul Hassan Khan, Head CIBG, Meezan Bank, Mr Shehryar Iftikhar, Head CIBG, Askari Bank, Mr Salman Khan, Head CIBG, Faysal Bank are some of the notable members of the said committee.

The national carrier, PIAC, is facing immense troubles due to the pressure resulting from its debt repayment to the Pakistan State Oil Company Limited (PSX: PSO).

To recall, PSO suspended the fuel supply to PIAC amid its inability to settle dues, which, in turn, resulted in the cancellation of several PIA flights.

Despite these challenges, the national carrier is making significant headway in repaying its dues to the oil company.

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