A PIA spokeswoman informed Reuters that they have named former Air Vice Marshal Muhammad Amir Hayat as the CEO of Pakistan International Airlines (PIA) for a duration of one year.
PIA appoints new CEO: The departing administration announced last week that it intended to privatise the loss-making PIA, which has racked up debts and arrears totaling hundreds of billions of rupees.
The action would be in accordance with a pact with the International Monetary Fund (IMF).
Since the outgoing CEO’s departure in April 2022, Hayat has served as the interim CEO.
According to PIA spokeswoman Abdullah Khan, the government had the option of appointing Hayat as CEO for three years, but the prime minister chose to do so for just one.
The employment of a financial advisor to handle transactions concerning the Roosevelt Hotel in New York, a property of PIA Investment Limited, received support from the Cabinet Committee of Privatisation this week as well.
Within the next three months, PIA plans to start operating flights to the UK once more.
Services have been suspend since 2020 due to a controversy surrounding pilot licensing.
As part of a $3 billion agreement with the IMF, Pakistan agreed to fiscal discipline plans, including the privatisation of loss-making companies.