Islamabad, October 12, 2023 – Caretaker Prime Minister Anwaar-ul-Haq Kakar has issued directives to accelerate the privatization process of Pakistan International Airlines (PIA) to prevent further financial losses to the national exchequer.
The move comes in response to Pakistan’s ongoing economic challenges, with state-owned enterprises (SOEs) that have been incurring losses exacerbating the nation’s financial woes.
During a high-level meeting centered on the affairs of Pakistan International Airlines (PIA), Prime Minister Kakar emphasized the urgency of the situation. The meeting saw attendance from key officials, including Caretaker Minister for Privatization Fawad Hassan Fawad, Adviser to the Prime Minister Ahad Cheema, and other relevant authorities.
Expressing his concerns about the delay in decision-making related to PIA’s issues, the prime minister underscored the need for a prompt privatization process, not just for PIA but for other SOEs that are also operating at a loss. He emphasized that the losses incurred by these entities should not be covered by public tax money.
The Caretaker Prime Minister stated that reforms in the aviation sector have the potential to improve services for the public. He further stressed the importance of transparency in the privatization process, highlighting the need to hold individuals or entities responsible for the losses incurred by these SOEs. This accountability, he explained, would pave the way for necessary measures to avoid further financial losses.
During the meeting, attendees were briefed on the progress of PIA’s financial situation and the ongoing privatization process. It was reported that obstacles hindering the privatization of the national flag carrier had been addressed. In light of this, the Prime Minister has instructed that the privatization of PIA be expedited to relieve the national exchequer from any further financial burdens.
This directive marks a significant step toward addressing the financial challenges faced by Pakistan and emphasizes the government’s commitment to streamlining the operations of state-owned enterprises to ensure a more sustainable and efficient economic environment. The progress of the privatization process for PIA will be closely monitored to ensure transparency and to alleviate the burden on public finances.
