Abdul Aleem Khan, the Federal Minister for Privatization, revealed that ten prominent companies have shown interest in the privatization of Pakistan International Airlines (PIA) and have requested a 15-day extension to submit their applications.
Khan clarified that this extension is final, with no further extensions granted for submitting applications to PIA.
He disclosed that three local airlines are also interested in forming a consortium with international companies for the privatization of PIA.
Khan emphasized the necessity of privatizing loss-making institutions like PIA, citing the substantial Rs830 billion losses incurred by the national airline.
According to Khan, entities such as steel mills, PIA, and distribution companies (Discos) have become economic burdens, hindering Pakistan’s development.
He stressed the need to address these challenges posed by underperforming institutions.
Khan highlighted PIA’s routes and operational potential, expressing optimism that the airline will become profitable with the acquisition of new aircraft. He assured transparency in the privatization process, stating that it will be open to media scrutiny.
Regarding concerns about job security for PIA employees, Khan reassured that their interests will be safeguarded throughout the privatization process. He praised Pakistani pilots and crew, asserting their global competitiveness.
Responding to opposition from PPP Chairman Bilawal Bhutto Zardari, Khan expressed willingness to engage with him and address concerns about privatization. He underscored the government’s aim to curtail annual losses of billions from state-owned enterprises and redirect funds towards welfare projects.
Khan also mentioned plans to privatize six to seven Discos, with only three Discos of strategic importance slated to remain under government control. Additionally, he noted the intention to privatize institutions like the First Women Bank, HBFC, and electricity companies as part of broader reform efforts.
