The federal government has decided to restart the privatization process of Pakistan International Airlines (PIA), with expressions of interest to be invited within the month. The final decision will be made in a meeting of the Prime Minister’s Committee on Privatization, officials confirmed.
During a meeting of the National Assembly Standing Committee on Privatization, Privatization Commission Secretary Usman Bajwa briefed members on the renewed process. He also revealed that the IMF has approved tax exemptions on aircraft for airlines other than PIA, allowing them to compete with regional carriers.
Privatization Chairman Committee Farooq Sattar emphasized the need to ensure job security for PIA employees for at least five years. The Privatization Commission assured that employee protection remains a priority and will be finalized before bidding begins.
The government has already taken over PIA’s liabilities of Rs650 billion, with an additional Rs45 billion in dues to be settled before the privatization process. PIA’s assets are currently valued at Rs155 billion, while its liabilities stand at Rs200 billion. The new buyer will be required to add 15 to 20 new aircraft to the fleet.
Additionally, the Privatization Committee has sought a timeline for the privatization of Faisalabad, Gujranwala, and Islamabad Electric Supply Companies. Officials stated that after the appointment of a financial advisor, the privatization process for these companies will accelerate.
