Nawaz Sharif has finally approved a plan for restoration of PIA. The aim is turn the national flag-carrier into a profitable enterprise. PIA is currently running in losses of billions of rupees. The decision comes at a time when all eyes are on the proposed privatization of PIA.
The plan includes
- To bringing PIA to a break-even level within one year
- Increasing revenue and taking cost cutting measures.
- Induction of 20 new generation and fuel efficient planes fleet with Airbus 320 and Boeing 737 as the preferred options.
- Induction of ATR 72-500 aircraft on ‘dry lease’.
The government has given a written assurance to the International Monetary Fund (IMF) that 26 per cent shares of PIA will be sold by the end of this year.