The privatisation schedule for Pakistan International Airlines (PIA) has been set.
PIA Timeline finalised: Interim Minister for Privatisation Fawad Hasan Fawad presided over a meeting with several parties regarding the restructuring of Pakistan International Airlines (PIA), which will lead to a privatization process.
According to a news release, the advisor to the prime minister on aviation was in attendance, along with important members of his team, top management, and legal and financial advisers from PIA.
During the meeting led by Minister for Privatisation Fawad Hasan Fawad, participants agreed on clear timelines for the process with the aim of meeting the target set by the Prime Minister and the Cabinet.
Fawad Hassan Fawad spoke with PIA executives and the aviation division about the specifics of the restructuring of the national flag-carrier. The privitization panel did not include any information regarding the suggested timescale in its press statement, though.
Anwaar ul Haq Kakar, the caretaker prime minister, gave Fawad Hasan Fawad, the minister for privatisation, the order to monitor and expeditiously complete the privatisation of Pakistan International Airlines (PIA).
While presiding over a meeting on PIA-related issues, the prime minister declared the need to accelerate the process rapidly to deliver a dependable service to users and to bring the standards of the national flag carrier to parity with those of international airlines.
He gave orders to all concerned parties to resolve the privatization-related issues as soon as possible.
During the meeting, officials briefed the prime minister on the status of PIA’s privatization process. He also welcomed Fawad Hasan Fawad, the new interim minister for privatisation, to his group.
According to sources, the in-between federal administration has declined to give the indebted Pakistan International Airlines (PIA) any further money.
PIA issues
It is important to note that Pakistan International Airlines (PIA) is currently experiencing a dire financial crisis, raising questions about its ability to continue operating aeroplanes despite growing debt.
The national carrier, Pakistan International Airlines (PIA), resolved a dispute over unpaid taxes with the Federal Board of Revenue (FBR) and opened its bank accounts, as per information released on Wednesday.
The national flag carrier provided a written assurance to the tax collection organization that it would pay all outstanding debts, resulting in the unblocking of the bank accounts. A representative for FBR stated that PIA will comply with the arrangement and pay Rs2.5 billion this month.
Shehbaz Sharif’s former administration in Pakistan declared its intention to privatise the airline, and last week the country’s caretaker administration gave the go-ahead to the restructuring plan’s completion to the pertinent authorities.