The privatisation process of Pakistan International Airlines (PIA) has taken a significant step forward with the finalisation of a timeline for the restructuring and eventual sale of the national carrier. A meeting was chaired by Caretaker Minister for Privatisation Fawad Hasan Fawad, who discussed the process with key stakeholders, including advisors to the Prime Minister on Aviation, senior management of PIA, and legal and financial consultants.
During the meeting, clear timelines were agreed upon in order to meet the target set by the Prime Minister and the Cabinet. While specific details of the timeline were not disclosed in the press release, the focus is on expediting the process to improve the quality of service and align PIA with global aviation standards.
Earlier, the Caretaker Prime Minister Anwaar ul Haq Kakar had directed Fawad Hasan Fawad to oversee the privatisation process and ensure its completion on a fast-track basis. The aim is to find an immediate solution to the financial challenges faced by PIA and provide a reliable service to passengers.
It is worth mentioning that PIA is currently grappling with a severe financial crisis and mounting debts. To address this, the bank accounts of PIA were unblocked after the settlement of outstanding dues with the Federal Board of Revenue (FBR). The national carrier has provided written assurance to clear all pending dues and will pay Rs2.5bn this month as per the agreement with the FBR.
The previous administration expressed its intention to privatise PIA, and the caretaker government is now actively working towards finalising a restructuring plan. The aim is to ensure the long-term sustainability of the airline and improve its financial health.
The privatisation of PIA is a critical step in transforming the airline and positioning it for success in the global aviation industry. The timeline finalisation is an important milestone towards achieving this goal, and all relevant stakeholders are committed to its timely implementation.