Aurangzeb Hints PIA Could Be the First in Line for Privatization
By
March 18, 2024
The Finance Minister, Muhammad Aurangzeb, suggested that Pakistan International Airlines (PIA) could be the first state-owned enterprise (SOE) to be privatized. He explained that it’s not the government’s role to run businesses; their job is to make policies.
Speaking to reporters after filing his nomination papers for the Senate elections, Aurangzeb stated that PIA is at the forefront of the privatization list, with other institutions to follow later.
Reports in the local media indicate that privatizing PIA is a complex process, expected to take about six months to a year. The Privatization Commission (PC) is managing this intricate transaction, which involves around 35 lenders who need to provide No-Objection Certificates (NOCs). This step is challenging due to PIA’s financial difficulties.
Additionally, the process involves dividing PIA into two separate entities, which requires multiple steps. Overall, the government is aiming to complete this ambitious agenda while addressing the various challenges associated with it.
