ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar has instructed the authorities to accelerate the privatization process of Pakistan International Airlines (PIA), the national flag carrier, as reported on Tuesday.
During a meeting with his Aviation Adviser, Air Marshal (retd) Farhat Hussain, the prime minister emphasized the importance of ensuring transparency in the privatization process.
PM Kakar highlighted that the privatization of state-owned enterprises is a top priority for the government in order to prevent further financial losses to the national exchequer.
He also mentioned the potential for growth through investment in the country’s aviation industry.
Additionally, the prime minister directed the outsourcing of airport operations to improve the quality of services.
The Aviation Adviser briefed PM Kakar on ministry matters and the reform process.
The privatization plan for PIA in the upcoming year has encountered obstacles, as the privatization commission has been unable to resolve issues related to loan repayments and legal matters. It was reported that the interim federal minister for privatization, Fawad Hussain Fawad, has not been able to implement the plan to transfer PIA to the private sector by January 2024.
Sources revealed that PIA is unable to afford more than Rs. 8 billion in interest on the Rs. 260 billion loan. The lending banks include the National Bank, Bank of Punjab, and eight other commercial banks.