- Government’s decision to incorporate financially struggling PIA into the list of privatization endeavors.
- Loss-making PIA’s inclusion underscores the government’s commitment to privatization for economic recovery.
- Move reflects ongoing efforts to restructure and revitalize PIA through the privatization process.
The Cabinet Committee on Privatization (CCoP) has made a crucial decision to include Pakistan International Airlines Co. Ltd (PIACL) among the active privatization projects within the ongoing privatization initiative.
Chaired by Finance Minister Ishaq Dar, the CCoP convened a meeting attended by prominent figures including Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, federal secretaries, and senior government officials.
During the meeting, the committee carefully reviewed the proposal presented by the Privatization Commission regarding the integration of PIACL into the privatization program. Following extensive deliberation, the CCoP reached a consensus to include the national flag carrier as an active participant in the privatization projects. This decision comes in the aftermath of a legislative amendment passed by the Parliament.
Furthermore, a comprehensive update on the progress of the Roosevelt Hotel’s privatization was presented by the Privatization Division. After thorough discussions, the committee granted approval to the Privatization Commission for the engagement of a financial advisor. This advisor will oversee the processing and structuring of the transaction concerning the Roosevelt Hotel, an asset owned by PIA Investment Limited (PIA-IL).