Lahore: The privatization of the national airline, PIA, is slated to be carried out by the succeeding elected government after the Privatization Commission submits its proposals.
PIA sources reveal that the commission aimed to finalize the privatization process by January 2024. As per the financial advisor’s report, the core company was to be privatized by dividing PIA into two entities, with the debts transferred to a holding company.
Despite this plan, the Ministry of Finance faced challenges in deciding the transfer of Rs 261 billion to the holding company, and the approval for the Rs 80 billion NOC remained unresolved. Consequently, it is suggested that the privatization process will be deferred to the next government due to these unresolved issues. Additionally, both PIA and the Finance Minister rejected the demand of commercial banks.
