Islamabad, Aug 30: The Senate Standing Committee on Privatization was informed on Thursday by the Secretary of the Privatization Commission that Pakistan International Airlines (PIA) will be fully privatized by October 1st, 2024.
The secretary briefed the committee, stating that Prime Minister Shehbaz Sharif had directed that the procedure be finished on time and without further delays.
Senator Muhammad Tallal Badar, the head of the committee, expressed hope that PIA’s sale will be completed in the allotted time. He cautioned against putting political objectives ahead of the wellbeing of the country at the same time.
The committee continued talking about PIA’s financial standing. They recalled that the airline has losses of Rs. 75 billion in 2023 and liabilities of Rs. 499 billion since 2015. As of right now, assets are valued at Rs. 161 billion, while total liabilities are Rs. 825 billion.
It was also highlighted how the government’s entire privatization initiatives have resulted in expenditures of Rs. 1.99 billion and profits of Rs. 4.389 billion over the last five years.
A thorough report on the expenses associated with privatizing distribution firms (DISCOs) and a strategic analysis of potential future privatization initiatives were called for by the committee chairman.
