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Is PIA being sold off to foreign government? Minister addresses rumours

10:44 PM | 15 Jan, 2024
Is PIA being sold off to foreign government? Minister addresses rumours

ISLAMABAD - Caretaker Privatization Minister Fawad Hassan Fawad rubbished the rumors that the state-owned Pakistan International Airlines (PIA) was being sold off to a foreign government.

Talking to a private news channel, the minister said such reports were being shared by those having vested interests, admitting that the state lacks fiscal space to operate PIA.

The minister said all the legal formalities had been completed for privatizing the national flag carrier adding that the Privatization Commission was diligently executing the task.

The minister assured that transparency was being ensured in the process of privatization and representatives of Civil Aviation Authority (CAA), ministries of education, law, and finance had also been consulted on the matter.

The minister said that only profitable flights were being operated by the government through PIA as the airline was facing governance issues. 

The minister also said that the privatization was being carried out under the constitutional amendments promulgated by the previous elected government. 

Fawad also confirmed that the federal cabinet would ensure that no employee of the PIA was unjustly deprived of their due rights; he also admitted that the appointment of individuals ill-equipped to manage the aviation industry was also a reason behind the chaos.

It bears mentioning that the calls for privatizing the airline were made during the tenure of the Pakistan Democratic Movement regime as well but the caretaker regime has taken the matter forward and the Privatisation Commission (PC) Board has approved appointments of British multinational, Ernst & Young (EY) as a Financial Advisor for the said purpose.

At this moment, the biggest challenge in privatizing the airline is the settlement of debts and liabilities which have reached billions of rupees. On the other hand, the airline's spokesperson admitted a few days ago that half of the fleet was operational at the moment.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - PKR to US Dollar, Euro, Pound, Dirham, and Riyal 12 April

Pakistani currency remains unchanged against US dollar and other currencies in open market on April 12, 2024.

US Dollar rate in Pakistan

On Friday, the US dollar was being quoted at 277.4 for buying and 280.65 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 12 April 2024

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