KARACHI – The government on Monday announced its plan to privatise the Pakistan International Airlines (PIA) on October 1.
A special meeting of the Standing Committee on Privatisation, chaired by MNA Dr Farooq Sattar, reviewed the latest developments.
Privatisation Division Secretary Jawad Paul confirmed during the briefing that the decision to privatise Pakistan International Airlines (PIA) has been set for October 1, 2024. The privatisation process is expected to be completed by September.
The briefing revealed that PIA has incurred losses totaling Rs500 billion over the past eight years, with Rs80 billion of that amount lost in the last financial year alone. The airline is also burdened with a debt of Rs825 billion.
It was noted that no international companies have shown interest in the privatisation process. Committee member Sahar Kamran suggested that the Special Investment Facilitation Council (SIFC) should be dissolved if international investments do not continue.
