The government has officially announced plans to privatise Pakistan International Airlines (PIA) by October 1, 2024. This decision was confirmed during a special meeting of the Standing Committee on Privatisation, chaired by MNA Dr. Farooq Sattar, on Monday.
During the meeting, Privatisation Division Secretary Jawad Paul provided a detailed briefing, confirming that the privatisation of PIA is set to be completed by September. This move comes after years of financial turmoil for the national airline, which has reportedly incurred losses amounting to Rs500 billion over the past eight years. The most recent financial year alone saw PIA lose Rs80 billion. Additionally, the airline is struggling under a significant debt burden of Rs825 billion.
The meeting also highlighted a critical concern: the lack of interest from international companies in the privatisation process. This prompted Committee member Sahar Kamran to suggest that the Special Investment Facilitation Council (SIFC) should be dissolved if international investments do not materialize.
The privatisation of PIA marks a significant shift in the government’s strategy to address the airline’s ongoing financial challenges. With the October 1 deadline fast approaching, all eyes will be on how the government navigates this complex process.
 by October 1, 2024. This decision was confirmed during a special meeting of the Standing Committee on Privatisation, chaired by MNA Dr. Farooq Sattar, on Monday.){kind=link}