Pakistan plans to privatize its loss-making national airline, Pakistan International Airlines (PIA), in accordance with a agreement with the IMF.
The decision to privatize PIA was taken during a meeting of a Privatization Committee chaired by Finance Minister Ishaq Dar. The committee “has decided after deliberation to include Pakistan International Airlines in the list of active privatization projects of the ongoing privatization program, following an amendment of the law by Parliament“, said a statement from the Ministry of Finance. Also, the government of Islamabad will privatize its airports.
The privatization of a state-owned company, the PIA, which has accumulated hundreds of billions of rupees in losses and arrears, comes after Pakistan agreed to fiscal discipline plans with the International Monetary Fund (IMF) which granted a $3 billion loan in June.
PIA hopes to resume flights to Britain soon after it was banned from European skies following a fake pilot license scandal in 2020. PIA hopes to resume its privatization soon. to restore order among his crews.