PIA to be privatised from THIS date: Details inisde

ISLAMABAD: The government has announced its plan to privatize Pakistan International Airlines (PIA) on October 1, here on Monday.

As per the details, a special meeting of the Standing Committee on Privatization was held under the chairmanship of MNA Dr. Farooq Sattar in which the latest developments were reviewed.

Secretary Privatization Division Jawad Pal confirmed during the briefing that the decision to privatize Pakistan International Airlines (PIA) has been set for October 1, 2024. The privatization process is expected to be completed by September.

The briefing informed that PIA has incurred a total loss of Rs 500 billion in the last eight years, of which Rs 80 billion was lost in the last financial year alone. The airline also has a debt burden of Rs 825 billion.

It should be noted that no international company has shown interest in the privatization process. Committee member Sahar Kamran suggested that the Special Investment Facilitation Council (SIFC) should be dissolved if international investment did not continue.