The government of Pakistan has reaffirmed its plans to privatize Pakistan International Airlines (PIA) by the end of 2024. Finance Minister Aurangzeb announced that the airline, alongside other key public entities, will undergo a comprehensive privatization process. This decision follows years of financial difficulties for PIA, which has been struggling with rising debt and operational inefficiencies.
The privatization move is part of the broader economic reform plan aimed at reviving state-owned enterprises and reducing the financial burden on the national treasury. The process includes a 30-step comprehensive strategy that addresses legal, financial, and operational restructuring, ensuring that the transition to private ownership is smooth and beneficial for the airline’s long-term sustainability.
While the specifics of the buyer and future operational changes have yet to be disclosed, the government is optimistic that private sector investment will lead to improved management, enhanced service quality, and increased profitability for PIA. This is a critical moment in Pakistan’s aviation industry, and the privatization aims to bring the airline back to its former glory.
The initiative is seen as a necessary step to stabilize Pakistan’s economy, as PIA’s losses have continued to mount over the years(
Arab News
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